Russian Finance Ministry Estimates 20 Million Citizens Hold $44 Billion in Crypto

Russian Deputy Finance Minister Ivan Chebeskov stated that at least 20 million Russians hold approximately 3.7 trillion rubles, equivalent to about $44 billion, in crypto assets. These holdings are primarily used for foreign trade settlements, mining, and trading on offshore exchanges. Russia is currently developing a regulatory framework to permit qualified and non-qualified investors to trade crypto on domestic exchanges, while maintaining a ban on using crypto for daily payments and promoting the digital ruble as a state-regulated payment tool.