Russia Sees $129B in Annual Crypto Transactions, Urges Regulation

A Russian official highlights daily crypto transactions worth 50 billion rubles, emphasizing the need for regulatory measures in the market.

The Deputy Minister of Finance in Russia recently revealed that the country witnesses substantial cryptocurrency transactions, amounting to approximately 50 billion rubles daily. This staggering figure translates to around $129 billion annually, raising concerns and prompting a call for enhanced regulation within the crypto market.

Officials have expressed that the current cryptocurrency activities are largely occurring outside of regulatory oversight, which poses risks for both investors and the broader financial system. The Deputy Minister’s statements underline the urgency for a structured framework to address the growing influence of digital currencies in Russia.