The Russian authorities have valued the Russian crypto market at $214 billion, Bloomberg reports citing its own sources.
According to Bloomberg, the assessment has been used in the course of developing a plan to regulate the industry in the country.
The amount of cryptos owned by Russians was calculated in January 2022 by analyzing the IP addresses of the largest users of cryptocurrency exchanges as well as other information. The agency believes the estimate may be underestimated, as many traders hide their activities in different ways.
In November 2021, the Central Bank of Russia estimated the annual volume of transactions of Russians with digital assets at $5 billion.
The Central Bank also noted then Russian users are one of the most active participants in the crypto market, being Russia among the leaders in terms of the number of visits to crypto exchanges.