Russians transact $5B in crypto each year, Bank of Russia says

Russians transact $5B in crypto each year, Bank of Russia says


Russian people are among the world’s most active participants of the cryptocurrency market, according to the country’s central bank.

The Bank of Russia published a fresh review on financial stability on Thursday, pointing out the country’s growing role in the $2.8 trillion market.

Citing estimations reported by major local banks in July 2021, the Bank of Russia suggested that the total annual volumes of crypto transactions of the Russian population amount to 350 billion rubles, or $5 billion.

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It is unclear whether the Bank of Russia has converted these estimations as the price of Bitcoin (BTC) has almost doubled since July, surging from around $30,000 to over $60,000 in November.

In the report, the Bank of Russia also noted that the Russian Federation is among global leaders in terms

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