Bank of Russia claims Russians transact $5 billion in cryptocurrency each year.

  • Citing estimations reported by major local banks in July 2021, the Bank of Russia suggested that the total annual volumes of crypto transactions of the Russian population amount to 350 billion rubles, or $5 billion.
  • The Bank of Russia has taken a hard stance on cryptocurrencies, with governor Elvira Nabiullina arguing that responsible governments should not drive crypto adoption.
  • The central bank is known for not allowing local banks to deal with crypto and promoting the use of its own digital currency instead. This has led to a situation where no Russian crypto exchange can now offer its services legally.
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