Russian citizens would own 16.5 trillion rubles ($214 billion) in cryptocurrencies, according to government estimates.
A report by Bloomberg noted that the Russians own about 12% of global cryptocurrency holdings in total. The cryptocurrency stock estimates were calculated by analyzing the IP addresses of some of the country’s largest crypto exchange users along with a few other data points, two people working with the Kremlin said. The analysis of the cryptocurrency holdings of Russian citizens is being carried out in order to obtain an overview of the cryptocurrency market and formulate new regulations. The proposals have not yet been finalized.
- Russian central bank proposes blanket ban on crypto mining and trading
Estimates are believed to be on the lower side, given that crypto regulations are still unclear in the country and many users prefer to use anonymous tools to transact.
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