Russians collectively hold $130B in crypto, prime minister says

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Russians collectively hold more than 10 trillion rubles ($130 billion) in cryptocurrencies like Bitcoin (BTC), Russian prime minister Mikhail Mishustin claimed at the annual report presentation of the Russian government on Thursday.

If true, the latest estimations of Russian crypto holdings cited by Mishustin are pretty close to Russia’s gold stash, which reportedly amounted to $140 billion as of late March 2022. According to White House estimations, Russia’s gold holdings make up about 20% of the country’s central bank’s overall reserves.

Russians collectively hold $130B in crypto, prime minister says

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Amid Russia becoming the world’s most sanctioned country, a number of global officials have expressed concerns over the growing narrative of Russia’s potential to use crypto to evade sanctions. On Friday, the European Union Council issued the fifth package of restrictive measures against Russia, approving a prohibition on providing “high-value crypto-asset services to Russia.” “This will contribute to closing potential loopholes,” the council said in the official statement. crypto news

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Earlier this week, Bank of Russia’s first deputy governor Ksenia Yudaeva reportedly argued that sanction evasion with crypto in Russia is “practically impossible,” particularly for large transactions. The central bank previously reportedly reiterated that cryptocurrencies like Bitcoin are “actually a financial pyramid scheme.”

Related: US sanctions Russia’s largest darknet market and crypto exchange Garantex

Some major executives in the cryptocurrency industry are confident that crypto has no use for Russians as an instrument to evade sanctions. Changpeng Zhao, founder and CEO of Binance, the world’s largest crypto exchange by trading volumes, declared on Wednesday that Russians cannot really use cryptocurrency to escape sanctions.

Russians collectively hold $130B in crypto, prime minister says

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Russians collectively hold $130B in crypto, prime minister says

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