Deputy Minister of Finance of Russia: 20 million Russians hold nearly 44 billion dollars in cryptocurrency assets

The Deputy Minister of Finance of Russia, Ivan Chebeskov, stated that at least 20 million Russians have invested in cryptocurrency products, holding a total of approximately 3.7 trillion rubles, equivalent to about 44 billion dollars. These assets are mainly used for foreign trade settlements, mining, and trading on overseas exchanges and savings.

Russia is allowing qualified and non-qualified investors to hold and trade cryptocurrency assets on regulated domestic exchanges through a regulatory framework, while still prohibiting the use of cryptocurrency assets for everyday payments, and promoting the digital ruble as a payment tool directly regulated by the state.