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Russians own $130 billion in crypto, according to the Kremlin

 


The Kremlin reports that the Russian population has invested around 130 billion US dollars in cryptocurrencies.

This was announced by Russian Prime Minister Mikhail Mishustin himself.

That would put Russia’s crypto holdings almost as high as its gold reserves. They amount to 140 billion US dollars .

The Kremlin's statement is not based on any official sources, but "various estimates". It is obviously designed as a provocation to the West.

Ever since Russia invaded Ukraine, politicians have been warning that Russia is using crypto to circumvent Western economic sanctions. They are therefore demanding stricter regulations.

Major crypto exchanges like Coinbase and Binance have been pressured by authorities to ban Russian accounts.

“Crypto is a danger,” proclaimed ECB boss Christine Lagarde, for example. You can find a fact check of their statements here.

The FBI and experts at data service provider Chainalyisis have so far contradicted the statement that Russia would use crypto to circumvent sanctions on a large scale .

The Russian Premier recently called for cryptocurrencies to be integrated into the state economy .

Putin stated that in the future he will also accept payments for gas and oil from “friendly states” in Bitcoin .

They also want to regulate and promote Bitcoin mining. Russia ranks 3rd in the global share of bitcoin hashrate, after the US and Kazakhstan.

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