Russians Have Invested $67 Billion In Crypto As The CBR Flirts With A Ban

According to a recent report by a Russian lawmaker, the country’s citizens have invested over 5 trillion rubles ($67.5 billion) in the crypto market, but the regulatory terrain remains hostile and unclear with the governor of the Central Bank of Russia increasingly hinting at a highly regulated environment Cryptocurrencies have had legal status in Russia since 2020, although it is forbidden to use them as means of payment in the country. Authorities, however, have expressed opposing views stating that they could be a tool of money laundering and possibly used finance terrorism. The law “On Digital Financial Assets” entered into effect this year and regulated a few activities. Despite recent warnings on a possible ban, the Russian crypto market has seen remarkable growth. The head of the Financial Market Committee Anatoly Aksakov stated during hearings at the lower house of the Russian parliament that residents have invested over $67.5 billion in crypto, although he didn’t specify a timeframe, the state-owned agency Tass reported. According to some reports, 5 trillion rubles have already been invested by Russians in cryptocurrency This crypto Russian boom might see big obstacles in the near future. Aksakov empathized several kinds of investors, including the common Russian, are now interested in the crypto market. He stated: “It is necessary to determine how we treat this phenomenon and, accordingly, prescribe...