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The Russian prime minister stated that Russians own billions of dollars worth of bitcoin, but the government has yet to develop a legislative framework for the business.
Russians collectively own more than ten trillion rubles ($130 billion) in cryptocurrencies such as Bitcoin (BTC), Prime Minister Mikhail Mishustin declared Thursday during the Russian government's annual report presentation.
The prime minister did not refer to the source of this statistic, only remarking that it is based on "different assessments."
“We are well aware that we have more than 10 million young people having opened crypto wallets so far on which they have transferred significant amounts of money, which exceeds 10 trillion rubles.”
If accurate, Mishustin’s current estimates of Russian crypto holdings are pretty near to Russia’s gold hoard, which allegedly totaled $140 billion as of late March 2022. According to White House estimates, Russia’s gold reserves account for around 20% of the central bank’s total reserves.
The Russian government’s latest figures come months after the Bank of Russia announced intentions to analyze the level of domestic cryptocurrency holdings last year. Russia’s central bank has subsequently calculated that the country’s yearly cryptocurrency transactions are worth roughly $5 billion. Some estimates put Russia’s total cryptocurrency holdings at $214 billion earlier this year.
Even though Russians rapidly invest in cryptocurrencies, the Russian government has been sluggish to develop clear laws to oversee the booming cryptocurrency sector. Several government organizations are unable to agree on how to manage the business. After comments from other ministries and authorities, the Russian Finance Ministry submitted a revised version of the Russian crypto law to the government on Friday.
The Russian Central Bank has been a vocal opponent of cryptocurrency, with Bank of Russia Governor Elvira Nabiullina pressing the government to prohibit Bitcoin earlier this year.
Amid Russia’s ascension to the status of the world’s most sanctioned countries, several global leaders have raised the alarm about the rising narrative of Russia’s ability to escape sanctions through the usage of cryptocurrency. The European Union Council approved the fifth package of sanctions on Russia on Friday, including a ban on delivering “high-value crypto-asset services” to Russia. “This will contribute to closing potential loopholes.” the council stated in an official statement.
Earlier this week, Ksenia Yudaeva, the Bank of Russia’s First Deputy Governor, allegedly stated that sanction evasion in Russia is “practically impossible” using crypto, particularly for significant transactions. According to reports, the central bank repeated that cryptocurrencies such as Bitcoin are “in fact a financial pyramid scheme.”
Several prominent leaders in the bitcoin business are sure that Russians would never adopt cryptocurrencies to evade sanctions. Changpeng Zhao, the founder, and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, stated that Russians could not truly utilize cryptocurrencies to circumvent sanctions since cryptocurrency transactions are not anonymous. He said as follows:
“Most transactions do need to go through a centralized exchange, any large transactions of value because the decentralized exchanges don’t have enough liquidity yet. […] So that’s a misconception that Bitcoin is anonymous. Bitcoin’s anonymous feature is very, very weak.”
