Over 9 Million Russians Own Crypto – Report
More than 9 million Russians own cryptoassets such as Bitcoin, Ethereum, and USD-pegged stablecoins, experts claim.
Per the Russian-language media outlet Comnews, Valery Petrov, Vice President of the Russian Association of Crypto Industry and Blockchain (RACIB), said on June 4 that his organization thinks “approximately” nine million citizens hold crypto.
Petrov was responding to the findings of an earlier report from Triple A, which claimed 9.2 million Russians own tokens.
If correct, this would represent a rise of almost 6% in the number of Russian crypto holders. The report’s data shows that over 12% “of the total working-age population of the Russian Federation” holds coins.
The state-run statistics agency Rosstat claimed recently that “76.235 million Russians are of working age.”
As such, this would indicate that roughly 12% of all of Russia’s workers own cryptoassets.
However, not all experts agree. The Finam analyst Nikita Stepanov said he was “wary” of the claims.
Stepanov explained that many crypto holders have multiple token wallets, a fact that may have skewed the report’s findings.
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Western sanctions may have also artificially inflated the Russian crypto market, he opined. Stepanov explained:
“The trend toward the increasing popularity of cryptocurrencies may affect the economy somewhat, but the effect is not large. Basically, the use of cryptocurrencies in Russia is largely limited to international transfers. [Russians have been using
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