Russia’s Daily Cryptocurrency Turnover Estimated at $650 Million
- Russia’s daily cryptocurrency turnover is estimated at approximately 50 billion rubles ($650 million).
- Annual cryptocurrency activity in Russia exceeds 10 trillion rubles (around $130.5 billion), according to Deputy Finance Minister Ivan Chebeskov.
- The Bank of Russia aims to pass a regulation bill during the State Duma’s spring session to oversee the crypto market.
- Russian users reportedly hold about 933 billion rubles ($11.89 billion) on global crypto exchanges, which are currently unregulated in Russia.
- The Moscow Exchange (MOEX) offers cash-settled futures for bitcoin and ether, with plans to include additional cryptocurrencies like SOL, XRP, and TRX.
These developments highlight the significant scale of unregulated cryptocurrency use in Russia, prompting government officials to seek regulatory measures to manage this growing sector effectively.
With an estimated annual commission payment of around $15 billion by Russian users to global platforms, the push for regulation aims to capture this substantial market share and enhance local competition.(Source)
