The Russian prime, minister Mikhail Mishustin has declared that the cryptocurrency holdings of Russians are worth billions of dollars, however, the government is yet to adopt a regulatory framework for the cryptocurrency industry.
According to him, at the annual report presentation of the Russian government, Russians collectively hold more than 10 trillion rubles ($130 billion) in cryptocurrencies like Bitcoin, Ethereum and so on.
The prime minister did not mention the source for this figure, noting that the amount is based on “various estimates.” He stated, “We are well aware that we have more than 10 million young people having opened crypto wallets so far on which they have transferred significant amounts of money, which exceeds 10 trillion rubles.”
Some major executives in the cryptocurrency industry are confident that crypto is of no use for Russians as an instrument to evade sanctions. Changpeng Zhao, the founder and CEO of Binance, the world’s largest crypto exchange by trading volumes, and also recently made it into the top 20 list of the richest people in the world, declared on Wednesday that Russians cannot really use cryptocurrency to escape sanctions because crypto transactions are not anonymous.
He stated, “Most transactions do need to go through a centralized exchange, any large transactions of value, because the decentralized exchanges don’t have enough liquidity yet. […] So that’s a misconception that Bitcoin is anonymous. Bitcoin’s anonymous feature is very, very weak.”
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