A recent estimate by the Russian government has revealed that locals currently own more than 16.5 trillion rubles worth of cryptocurrencies.on Tuesday, this figure represents approximately 12% of the total value of global crypto holdings or one-third of the market cap of Russia’s stock index.
Citing unidentified people familiar with the matter, the report noted that the crypto holdings estimate was calculated by analyzing the IP addresses of some of the top digital asset exchange users, in addition to other data sources. According to the sources working with the government and the Kremlin, the estimates are currently being used to get an overview of the scope of the coucountry’sypto market and create new regulations. However, the proposals have not been finalized.
The sources maintain that the $214 billion estimate might be low as some traders conceal their crypto activities by using VPNs, given the lack of regulatory clarity in the country.
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