The digital currency economy in Russia is boosting every day and according to the latest report of the Central Bank of Russia, the digital currency trade volume in the Russian Federation has surpassed US$ 5 Billion worth of transactions every year. The bank has had to acknowledge the fact that Russians are way too much into digital currencies and that crypto has its dedicated place in Russia.
It is a well-known fact worldwide that Russian investors have a great appetite for digital currencies. This is one of the reasons why Russian investors are regarded as the “world’s most active” participants in the digital currency economy.
However, the Central Bank of Russia does not at all support the use of digital currencies. But looking at the Russians’ interest in digital currencies, the bank has agreed to work on the Digital Ruble project. Otherwise, on the recommendations of the Central Bank of Russia, the Russian Government had banned crypto payments against goods and services domestically. Only crypto trading is allowed in Russia and none of the vendors or service providers can accept any digital currency against settlement of dues.
The country’s lawmakers on the other hand are trying to introduce a regulatory framework for the Russian digital asset industry.
Recently, the Central Bank of Russia had carried out an analysis of the Russian digital asset market. The findings of the analysis revealed that every year Russian crypto investors have been transacting more than US$ 5 Billion. The findings are surprising for the Central Bank of Russia which had, in the recent past, issued a warning to Russian crypto investors. In the warning, the Central Bank of Russia suggested that huge financial risks are associated with digital currency operations.
In its report, the Central Bank of Russia notes that the Russian digital currency economy is continuously increasing very rapidly. Within this year alone, the crypto trade volume by Russians has been almost doubling the size of what it was in 2020. The bank further notes that Russian investors have developed a keen interest in decentralized projects such as Defi, stablecoins, smart contracts, etc.
Central Bank of Russia also admitted in its report that Russians are one of the most active digital currency participants in the world. It also admitted the fact that even in terms of using cryptocurrencies, Russians are ahead of countries like the USA, China, etc. It was further noted by the Central Bank of Russia that Binance is currently the world’s most customer-populated crypto firm. However, the most frequent visitors and returning customers of Binance are none other than but Russians.
After noting all these positives of Russian digital space, the Central Bank of Russia once again makes mention of its concerns regarding cryptocurrencies. It reiterated its concern that still crypto is actively used by criminals, fraudsters, money launderers, and terrorists. The bank further disagreed with the argument that crypto should be legalized by law in Russia.