Report Says Russians Transact over $5 Billion per Year with Cryptos - Aliens: AI Crypto News & Markets Updates

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Report Says Russians Transact over $5 Billion per Year with Cryptos

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FinanceMagnates

Thu, Nov 25, 2021

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Russia’s central bank unveiled a report today about financial stability, noting that the country is highly active globally when it comes to cryptocurrency transactions.

However, the rapid growth and the widespread adoption of digital currencies would pose higher risks both globally and for the Russian financial market,” Bank of Russia commented.

The study’s results come in the midst of several discussions about crypto-related fronts in the country, such as the forthcoming digital ruble’s prototype launch and thoughts from authorities about digital assets as a means for tax evasion.

Russia has progressed with its central bank digital currency (CBDC) initiative as the country is determined to develop a digital ruble prototype in early 2022 and is set to launch a pilot program.

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