Discover How 20 Million Russians Tap Into Over $43B in Cryptocurrency

How Are Russians Adopting Crypto?

Russia has become a cryptocurrency hotbed, ranking as the 16th nation with the most crypto adoption in the world in the latest Global Crypto Adoption Index Report issued by Chainalysis.

Deputy Finance Minister Ivan Chebeskov estimated that at least 20 million Russians had invested in crypto products, and that more were on the way after regulations to license national exchanges and bring crypto capital to Russia were put in place.

But how are Russians using these 3.7 trillion rubles (nearly $44 trillion), and how much of this capital is really within the Russian government’s reach? In a recent investigation, Izvestia pointed out that these resources were divided into three pools, with the first one being their use in foreign trade settlements, as the Russian Federation is currently facing a disconnection from the SWIFT banking system, and even banks in friendly countries like China and Turkey might face secondary sanctions when serving Russian customers purchasing so-called dual-use products like microelectronics and automotive components.

This use case suits stablecoins best, as “Finam” analyst Alexander Potavin stresses that there is no volatility associated with these.