Within Global Crypto Economy of US$ 2.3 Trillion, Russians Share is Over $67 Billion

More than 5 Trillion Ruble have been invested by Russian into the digital currency economy which comes to more than US$ 67 Billion roughly. But since the investment, the returns of Russian have increased extravagantly to an unthinkable level.

 Russians not only have keen interest in cryptocurrencies but in fact they have put a huge stake in it too. This was so revealed by a Deputy at State Duma namely Anatoly Aksakov (i.e. Senator of the Russian lower house).

Aksakov revealed that there are some reports which suggested that Russians have invested huge worth of national currency into digital currencies. While referring to these “unidentified” reports, Aksakov claimed that at least 5 Trillion Rubles had been invested by Russians into the digital currency economy.

If the statement of Aksakov is true, then this would mean that Russians have put in more than US$ 67.5 Billion.

Digital currencies, including Bitcoin, are currently partially regulated in the country. Although, Russia has already introduced a law namely “Digital Financial Assets”, yet the law partially covers only a few prospects of digital currencies. Essential features of crypto industry such as mining and levying of tax are still outside the scope and ambit of crypto regulation. However, the proposal to bring the two aspects into the regulatory framework is under consideration.

Aksakov commented that crypto industry enticed Russians of every class. Qualified and non-qualified investors have been taking part in the crypto economy since they were introduced in the first place. He insisted that the Government in Moscow has no spare time left as the Russian crypto industry is storming fast. He advised that first of all the Government would need to arrive at a consensus how it wants to deal with these diversified asset class. Thereafter, liabilities will need to be imposed through the law for defining the permitted and non-permitted use of digital currencies.

However, amongst the Russian Government functionaries there have been several views on the issue at hand. Some institutions argue in favor of blanket ban while others advise that crypto trading and mining should be legalized.

To the contrary Central Bank of Russia has proposed that prohibition on purchase of goods/services via digital currencies be put in place. On the other hand, Central Bank of Russia also favors outright ban on cryptocurrencies. But with regard to central bank issued digital currency, Central Bank of Russia is willing to take up the project. In fact it believes that having a national digital currency is the ultimate solution and way forward.

Yet, considering huge stake of Russian already there in the global crypto economy, damper will jeopardize Russians’ interests. US$ 67.5 Billion is just the amount that the Russian have invested. The returns on these investments are unthinkable which could easily exceed US$ 1.5 Trillion roughly.