Russia continues to take regulatory steps in response to the high usage of Bitcoin (BTC) and cryptocurrencies.
While work continues on draft laws to regulate cryptocurrencies, the Russian Central Bank and the Ministry of Finance have made important statements regarding cryptocurrencies.
According to officials, Russian citizens transfer approximately 50 billion Russian rubles ($648 million) worth of cryptocurrency daily.
Officials also noted an explosion in cryptocurrency adoption and called on the government to accelerate cryptocurrency market regulation.
According to Russian news outlet RBC, Russian Deputy Finance Minister Ivan Chebeskov stated that most cryptocurrency transfers and investments take place through unregulated channels, emphasizing the urgent need for regulation of the cryptocurrency market.
“Millions of citizens participate in cryptocurrency trading, and trillions of rubles are used for savings and investment purposes.”
The daily domestic cryptocurrency trading volume is approximately 50 billion rubles, which means that a total of 10 trillion rubles (approximately $129.4 billion) moves outside of regulation and beyond our control annually.
According to experts, this shows a strong adoption of cryptocurrencies in Russia, which is struggling with economic sanctions imposed on the country by the US and Europe.
In response to the growing trend, the Russian Central Bank published a draft last December allowing cryptocurrency investments, differentiating between qualified and unqualified investors. According to the draft, unqualified investors would only be able to hold virtual assets up to an annual limit of 300,000 rubles (approximately $3,834), while qualified investors would be granted broad market access, excluding privacy-focused cryptocurrencies.
Chebeskov said, “We expect the government to adopt this bill at this spring session.”
*This is not investment advice.
