Russian investments in cryptocurrencies exceeded 16,5 trillion RUB

The valuation of capital may be underestimated since most traders hide their activities

02.02.2022 - 11:10

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The valuation of capital may be underestimated since most traders hide their activities.

What’s new? The Kremlin has estimated the Russian cryptocurrency market at $214 billion (16,5 trillion Russian rubles (RUB), Bloomberg reports, citing its own sources. The figure came from an analysis of the IP addresses of the largest crypto exchange users and other information. The news agency believes that the valuation of capital may be underestimated since most traders hide their activities.

Bloomberg’s material

What were the Russian crypto market’s estimates earlier? In November 2021, the Central Bank estimated the annual volume of transactions of Russians with digital assets at $5 billion (about 390 million RUB). Last December, Anatoly Aksakov, head of the State Duma Committee on Financial Market, already was giving another figure, 5 trillion RUB.

Currently, Russia ranks third in the use of resources for mining the bitcoin network. The country’s authorities are concerned about this situation and have already included mining in the roadmap for crypto regulation.

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