Russia's Investments in Crypto Tops $200B: Report
Main page News, Russia, Crypto Market, Cryptocurrency
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Feb. 2, 2022

Russians own over $214 billion worth of cryptocurrencies, Bloomberg reports, citing estimates from the Kremlin and government officials.

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While it remains unclear how exactly the authorities got the numbers, sources close to the matter claim the figures were calculated by analyzing the IP addresses of the biggest cryptocurrency exchange users. If calculations are correct, Russia represents over 10% of the total cryptocurrency market capitalization.

The news comes shortly after the Bank of Russia, the country's central bank, proposed to impose total ban on mining, issuance, turnover and exchange of cryptocurrencies in the country. The relevant proposals have been included in the regulator's report for public consultations.

Putin Prefers Crypto Regulation Over Total Ban: Report

In the meantime, Russia's president, Vladimir Putin, called the country's central bank and Russian government to reach a consensus on cryptocurrencies regulation. He also added he does not see that the central bank is staying in the way of technological progress, commenting the proposal for a total ban.

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