Report Says Russians Transact over $5 Billion per Year with Cryptos

Russia’s central bank unveiled a report about financial stability today, noting that the country is highly active globally when it comes to cryptocurrency transactions. According to the Bank of Russia, the total annual volume across the country’s population accounts for $5 billion or around RUB 350 billion.

However, the report did not clarify if such estimations were based on Bitcoin’s (BTC) prices, which had skyrocketed significantly since the study was compiled in July this year. That said, the Russians are among the top leaders in the $2.8 trillion crypto market around the world.

Also, the country is among the top ones that have a solid market share in crypto mining. “The relationship between digital currencies and the financial sector remains limited at the moment. However, the rapid growth and the widespread adoption of digital currencies would pose higher risks both globally and for the Russian financial market,” Bank of Russia commented.

Crypto Discussions in Russia

The study’s results come in the midst of several discussions about crypto-related fronts in the country, such as the forthcoming digital ruble’s prototype launch and thoughts from authorities about digital assets as a means for tax evasion.

Daniil Egorov, the Head of the Russian Federal Taxation Service (FTS), expressed his concerns that Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term could be a path for tax evasion. During an interview with a news agency, RBC, Egorov mentioned that the tax authority is ‘closely watching’ the crypto market and assessing its potential to significantly erode the country’s taxation base.

Russia has progressed with its central bank digital currency (CBDC) initiative as the country is determined to develop a digital ruble prototype in early 2022 and is set to launch a pilot program. The Bank of Russia is reportedly planning to charge fees for all CBDC transactions. However, according to Prime, quoting Kirill Pronin, the Director of the Financial Technologies at the Bank of Russia, the fees will still be lower than those charged for wire transfers.

Furthermore, transactions performed with CBDCs, digital ruble, will not be higher than those completed through the Russian Faster Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term System (FPS), an instant interbank transfers system.