Interest in cryptocurrencies is growing in Russia, not least among unskilled investors. According to recently quoted estimates, Russians have already invested more than $ 67 billion in the crypto market, the capitalization of which has increased significantly this year.
Russians spent around 5 trillion rubles on crypto
Russian residents have traded 5 trillion of their national Fiat (over $ 67.5 billion) for cryptocurrencies, a senior State Duma member announced without specifying a time frame. During the hearings in the lower house of the Russian parliament on Monday, Chairman of the Financial Markets Committee Anatoly Aksakov said:
According to some reports, 5 trillion rubles have already been invested in cryptocurrency by Russians.
Bitcoin and the like have yet to be fully regulated in Russia, where the Digital Financial Assets Act, which came into force earlier this year, introduced some rules only for some related activities – coin emissions for example – but key areas such as mining and taxes remain outside the scope of Russian legislation.
Aksakov noted that the crypto market has piqued the interest of investors, including ordinary Russians. Quoted by the Tass news agency, he went on to stress that it was time for the authorities in Moscow to decide what to do in this regard. He stated:
It is necessary to determine how we will deal with this phenomenon and accordingly impose legal obligations in case we prohibit or restrict something.
Have media reports specified that Russian government institutions have different views on how to deal with the regulation of cryptocurrencies. Various approaches are currently being discussed and weighed, ranging from imposing a blanket ban to legalizing crypto investments and trading, Aksakov announced last week, quoted by Interfax.
Citing sources close to Russia’s Central Bank (CBR), Reuters revealed that the monetary authority is considering banning crypto purchases while its current position is an “outright denial”. At a press conference, Governor Elvira Nabiullina reiterated the regulatory authority’s skeptical stance towards cryptocurrencies and persisted that Russia’s financial infrastructure should not be used to facilitate crypto transactions.
Other officials have also given their views on the matter. In October the Deputy Finance Minister Alexey Moiseev specified that the Russian Federation will not follow in China’s footsteps and prohibit its citizens from buying cryptocurrencies on foreign exchanges or storing them in crypto wallets abroad.
Estimates quoted from the Bank of Russia in its recently published overview of financial stability for the second and third quarters of 2021 showed that the annual volume of digital currency transactions made by Russians is around $ 5 billion. In its analysis, the monetary authority warned that cryptocurrency operations pose risks to the country’s financial stability and investors.
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Source: Crypto News Austria