Bloomberg: Russian government estimates national cryptocurrency market at $214 billion

The Kremlin estimated the volume of investments of Russians in cryptocurrencies at $214 billion, or 16.4 trillion rubles. This is approximately 12% of all global cryptocurrency markets.

Bloomberg, citing its own sources in the Russian government, reports that the assessment of Russian investments in cryptocurrencies was carried out in January 2022 based on an analysis of the IP addresses of clients of the largest crypto exchanges and other information. For comparison: the volume of bank deposits of Russians is now 16 trillion rubles, and the cash supply is 13.2 trillion rubles.

In response to Bloomberg’s request to Russian vice-premier Dmitry Chernyshenko, his representative replied that the number of crypto investors in Russia is estimated at more than 17 million people. This is 7.5 times more than the number of active retail investor accounts on the Moscow Exchange. Sources claim that about 60% of local crypto investors are between 25 and 44 years old.

The new estimate is several times higher than the previous attempts by the Russian authorities to evaluate the volume of investments of Russians in cryptocurrencies. Thus, in November 2021, the Russian Central Bank claimed that the annual volume of transactions of Russians with cryptocurrencies stood at $5 billion (about 350 billion rubles). In December, Anatoly Aksakov, chairman of the State Duma committee on financial market, mentioned in his speech 5 trillion rubles that is more than 15 times higher than regulator’s estimates.


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