Russia’s study has estimated that cryptocurrency is owned by more than 16.5 billion rubles (200 Billion USD). This calculation was based on IP addresses and other information from crypto traders. Bloomberg shared data that showed over 17 million Russians owned cryptocurrencies.

Although the Russian government is not known for its support of cryptocurrency in the past, the rise of digital assets has led the Bank of Russia and President Vladimir Putin to explore ways of regulation.

These estimates might not always be accurate due to cryptocurrency’s decentralization.

“Russians really do have a lot of money in cryptocurrency, but it’s hard to value the true amount. Many people are using cash, derivative instruments, or have two passports and can open a crypto wallet in someone else’s name,”
Alexander Filatov was co-founder at TON Labs, a blockchain development company.

Flipside

• Putin SeesCrypto mining has many benefits, as it produces large quantities of electricity.
• Recent Russian politicians and businessmen Opposed the Russian central bank’s initiative to ban crypto.