No data backs Russia’s PM statement of “10 trillion rubles spent on crypto”

Must read

How the Metaverse could impact the lives of kids

The Metaverse is a virtual environment where people can carry out various tasks. The term “metaverse” was a term originally coined...

6 Questions for Dominik Schiener of the Iota Foundation

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to...

Ethereum in danger of 25% crash as ETH price forms classic bearish technical pattern

Ethereum's native token Ether (ETH) looks ready to undergo a breakdown move in May as it forms a convincing "bear pennant" structure.ETH price to...

Welcome to Mars: I own everything, have total privacy and life has never been better

This is a parody of the article published by the World Economic Forum titled “Welcome to 2030. I Own Nothing, Have No Privacy And...

Russia Adoption

No data backs the Russian PM statement of Russians spending around 10 trillion rubles on crypto.

2 min read

Updated: April 8, 2022 at 12:04 am

No data backs Russia’s PM statement of “10 trillion rubles spent on crypto”

Cover art/illustration via CryptoSlate

Upland

Russian prime minister Mikhail Mishustin has said that Russians have spent close to 10 trillion rubles ($130 billion) on cryptocurrency. 

He made this statement while speaking on government TV and Moscow journalist Jonny Tickle shared it on Twitter. If true, this might confirm the belief by authorities in the US that Russia could turn to crypto.

Russian Prime Minister Mishustin says Russians have already put around 10 trillion rubles ($130 billion) into cryptocurrency.

I’m not surprised. Many hastily bought bitcoin when it looked like the ruble was gonna tank. Some foreigners are also using it to get money out of Russia. pic.twitter.com/o9R3VQRtP0

— Jonny Tickle (@jonnytickle) April 7, 2022

The rising talks about crypto adoption in Russia comes amidst the flurry of economic sanctions that have affected the country’s currency and entire financial system. 

According to Tickle, with many of the banks in the country incapable of cross-border transactions, many residents have used crypto as a hedge in fear that their currency will crash. In addition, some foreigners are using crypto to get money out of the country.

No data backs Russian PM statement

While the Russian prime minister statement might show a massive rate of crypto adoption in the country, no on-chain data confirms that crypto exchanges operating  in the country or wallets connected to Russians witnessed a massive inflow of cash.

According to a previous CryptoSlate report where we cited a Chainalysis report, there’s been no evidence that Russia has been able to use crypto to evade sanctions.

This report corroborates the general belief within the crypto industry that the country would find it difficult to use the space because of how transparent and public it is.

Russian officials and their crypto statements

Crypto has played a significant role in the war between Ukraine and Russia. Ukraine, for instance, has been able to raise close to $70 million in crypto donations.

As for Russia, while the country itself hasn’t officially adopted crypto, residents might have turned to crypto as international traditional financial companies moved out of the country. 

Just recently, a high-ranking member of the Russian parliament, Pavel Zavalny, suggested that friendly countries could be allowed to buy Russian gas in cryptocurrency or their local currency.

Another high-ranking government official, Evgeny Grabchak, the country’s Deputy Minister of Energy proposed that cryptocurrency mining should be fully legalized as soon as possible.

However, regulators in the country have disagreed with this and deem it impossible. Watcher.Guru tweeted that Russia’s central bank rejected the proposal of using crypto to evade sanctions.

According to the first Deputy Governor of the bank, Ksenia Yudaeva, such a development would be impossible in the face of the strict regulatory and surveillance framework for crypto in most western countries.

Symbiosis

More articles

Latest article

How the Metaverse could impact the lives of kids

The Metaverse is a virtual environment where people can carry out various tasks. The term “metaverse” was a term originally coined...

6 Questions for Dominik Schiener of the Iota Foundation

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to...

Ethereum in danger of 25% crash as ETH price forms classic bearish technical pattern

Ethereum's native token Ether (ETH) looks ready to undergo a breakdown move in May as it forms a convincing "bear pennant" structure.ETH price to...

Welcome to Mars: I own everything, have total privacy and life has never been better

This is a parody of the article published by the World Economic Forum titled “Welcome to 2030. I Own Nothing, Have No Privacy And...

Binance CEO CZ to support Terra community but expects more transparency

Pointing out the potential issues with forking Terra, CZ said that “Minting, forking, don’t create value.” 23086 Total views 60...