Analysts report $ 129 billion in shadow cryptocurrency transactions by Russians annually

The European Union has expressed concern that Russia may use cryptocurrencies to circumvent sanctions and is considering a complete ban on transactions with Russia as part of a new package of restrictions. As reported by the Financial Times, this idea is being discussed at the level of European institutions and may become part of the increased economic pressure.

Against this backdrop, the Russian Ministry of Finance and the Central Bank urged the government to speed up the adoption of the law on the regulation of the cryptocurrency market. According to their estimates, citizens spend about 50 billion rubles per day on digital assets, which is approximately $ 648 million.

During the Alfa Talk conference, Deputy Finance Minister Ivan Chebeskov emphasized that most transactions take place through unregulated channels. He stated: «We have always said that millions of citizens are involved in this activity, it is trillions of rubles in terms of citizens' use and savings.»

Chebeskov gave an estimate of the turnover: more than 10 trillion rubles a year, or about $ 129.4 billion, which are currently outside the regulated zone. The Central Bank of Russia, for its part, has proposed to allow investors to purchase certain crypto assets, setting a limit for unqualified participants of up to 300,000 rubles ($ 3,834) per year, while qualified investors will be given wider access, with the exception of privacy coins.

First Deputy Chairman of the Central Bank Vladimir Chistyukhin said he would like to see the law passed during the spring session of the State Duma. According to him, this will allow market participants to get licensed and legalize their activities during the transition period.