The cryptocurrency holdings of Russia, according to the Russian Prime Minister, are worth billions of Bitcoin, but the country has not implemented any proper legislation regarding the cryptocurrency industry.
The Prime Minister, Mikhail Mishustin, has claimed that the country collectively holds over 10 trillion rubles (130 billion us dollars) in Bitcoin at the annual report presentation of the government of Russia on Thursday. He has not mentioned the actual source of this number, but according to him, the number has been derived from various estimates.
If the amount cited about Russia’s crypto holdings is true, then it is pretty close to the country’s gold stash, which reportedly amounts to around 140 billion US dollars as of March 2022. As per the White House estimations, the gold holdings of Russia make up about 20% of the country’s central bank’s total reserves.
This number has come up months after the Central Bank of Russia has announced its plans to evaluate the proportion of the local crypto holdings. From there on, the central bank has estimated that the annual crypto transaction conducted in their country is worth around 5 billion US dollars. Some other sources at the beginning of this year had estimated that the estimated crypto holding of Russia amounts to 214 billion US dollars.