Russia’s interest in cryptocurrencies has been growing, especially among non-qualified investors. According to recently quoted estimates, Russians have invested more than 67 billion U.S. dollars in the crypto market, and this year’s capital in the market has increased significantly.

Russians spent about 5 trillion rubles on cryptocurrencies

A senior member of the Russian State Duma revealed that Russian residents have exchanged 5 trillion U.S. dollars (over 67.5 billion U.S. dollars) of national legal tender (over 67.5 billion U.S. dollars) for cryptocurrency. At a hearing in the Lower House of the Russian Parliament on Monday, Anatoly Aksakov, Chairman of the Financial Market Committee, stated:

According to some reports, Russians have invested 5 trillion rubles in cryptocurrencies.

Russia has not yet fully regulated Bitcoin, etc. The “Digital Financial Assets Law” that came into effect earlier this year only introduced some rules for a few related activities (such as coin issuance), but matters such as mining and taxation in key areas are still absent. Within the scope of Russian legislation.

Aksakov stated that the crypto market has attracted the interest of investors including ordinary Russians. TASS quoted him as saying that he further emphasized that the time has come for the Moscow authorities to decide what to do in this regard. He elaborated:

It is necessary to determine how we treat this phenomenon, and accordingly stipulate in the law whether we should prohibit or restrict something.

Media reports have Indicated Russian government agencies have different views on how to regulate cryptocurrencies. Interfax News Agency quoted Aksakov’s announcement last week that various approaches are currently being discussed and weighed, from implementing a comprehensive ban to legalizing cryptocurrency investment and trade.

Reuters quoted a source close to the Central Bank of Russia (CBR) as saying that the monetary authority is considering a ban on the purchase of cryptocurrencies, and its current position is “total rejection.”At the press conference, Governor Elvira Nabiullina reiterated the regulator’s skepticism and insist Russia’s financial infrastructure should not be used to facilitate crypto transactions.

Other officials also expressed their views on the matter. In October, Deputy Finance Minister Alexey Moiseev (Alexey Moiseev) statement The Russian Federation will not follow in China’s footsteps by prohibiting its citizens from acquiring cryptocurrencies in foreign exchange transactions or storing them in crypto wallets overseas.

estimate lead According to the Bank of Russia’s recent financial stability overview for the second and third quarters of 2021, the annual digital currency transaction volume of Russians is approximately US$5 billion. The monetary authority warned in its analysis that the cryptocurrency business poses risks to the country’s financial stability and investors.

Do you think the upcoming regulations will affect the behavior of Russian cryptocurrency investors? Tell us in the comments section below.

Lubomir Tasef

Lubomir Tassev is a tech-savvy journalist from Eastern Europe. He likes Hitchens’ famous quote: “Being a writer is my nature, not what I do.” In addition to encryption, blockchain and financial technology, international politics and economics Are the other two sources of inspiration.