Russians going crypto crazy

RT.com
26 Nov 2021, 20:13 GMT+10

The total annual volume of cryptocurrency transactions by Russian citizens amounts to $5 billion, according to the latest data by the country's central bank.

In its fresh review of financial stability published on Thursday, the regulator said that Russians are among the world's most active participants in the cryptocurrency market, including in terms of visits to the Binance crypto exchange. The regulator cited estimates from the largest Russian banks surveyed in July 2021.

The central bank's experts highlighted investor enthusiasm for technology, including blockchain, smart contracts, decentralized finance, and stablecoins.

The Bank of Russia, however, outlined major risks associated with the crypto industry, and said it would be closely monitoring the market.

"The relationship between digital currencies and the financial sector remains limited at the moment. However, the rapid growth and the widespread adoption of digital currencies would pose higher risks both globally and for the Russian financial market."

Earlier this year, the central bank warned people to steer clear of dealing in cryptocurrencies, cautioning that it was always risky, especially for unprepared investors.

For more stories on economy & finance visit RT's business section

(RT.com)

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Shanghai Sun.

More Information

32 ℃

Fair in Shanghai/Hongqiao

International

Section

Critical of media, Solomon Islands weighs taking over broadcaster

SOLOMON ISLANDS: In a move that opponents said is aimed at controlling and censoring the media, the government of the ...

Accidental airbag explosion blamed for 20th US deaths

WASHINGTON D.C.: In July, a Florida man was killed by exploding Takata airbag inflators, possibly becoming the 20th death in ...

After series of assassinations, Israel says it has eliminated all IJ leaders

Israel has launched an unprovoked war against the Palestinian resistance group Islamic Jihad. The Israeli army assassinated a high-ranking commander ...

American drone that killed Al Zawahiri in Kabul possibly launched from Kyrgyzstan

ISLAMABAD, Pakistan - Pakistan categorically denied on Thursday that a U.S. drone strike in Kabul that killed al-Qaeda chief Ayman ...

Indonesia workers strike when ticket price jumps to see Komodo dragons

EAST NUSA TENGGARA, Indonesia: Hundreds of Indonesian tourism workers went on strike this week to protest a sharp rise in ...

Treasure found in 350-year-old Spanish shipwreck off Bahamas

NASSAU, Bahamas: A team of explorers have announced that they have uncovered a treasure, including coins, gemstones and priceless jewels, ...

Asia Business

Section