Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Today I will be looking at some recent news regarding Russia, a nation at the fore of almost everyone's thoughts considering their War Effort in Ukraine. It has emerged that the residents of Russia are now more heavily invested in Cryptocurrencies than ever before.
Central Bank Report
A recent report from the Russian Central Bank, translated as “A Nationwide Survey of Consumer Finance Households,” has shown that Russian households are now spending more of their available income on Crypto than on gold and other precious metals. The data included spanned from April until August 2022, and it was compared with data from a similar study back in 2020.
Within the data, according to the bank, they spoke with around 12,000 individuals from a range of 6,000 homes throughout 38 regions within the country. According to the data, the average Russian household had some $220 worth of crypto holdings. In comparison, the majority of households only had around $40 worth of gold and other precious metals, as well as savings of just under $190.
It is important to note that a lot of the data has been skewed due to the fact some individuals invested heavily in crypto, with brought up the overall total within the data. In reality, less than 1% of respondents admitted to owning any cryptocurrencies, compared with 65% admitting to having money saved in a bank.
Furthermore, about 1.6% of the households sampled in the CBR study invested in stocks and bonds, with a median average of 26,500 rubles. Another 1.2% of the survey respondents said they have electronic wallet holdings, with a median average of 1,000 rubles.
Given Russia's previous statements that around 12% of its citizens were the owners of crypto, the figures quoted seem to be at odds with this data.
Central Bank Disapproval
Within Russia, the Central Bank has repeatedly shown its disapproval of crypto ownership, calling things like Bitcoin "private cryptocurrencies." It has somewhat softened this stance since the war began, being open to the idea of allowing Russian traders to sell their goods for crypto to evade sanctions, however they wish to ensure this is as far as crypto use goes within the nation.
In September 2022, the Russian central bank, along with the Ministry of Finance, agreed to allow residents to use cryptocurrencies for cross-border payment. However, the bank is still against the idea of the creation of a state-owned crypto exchange which could be used for exporters and miners to exchange their crypto for cash, according to the media outlet Prime. This was an idea which was brought up in 2022 by Russian lawmakers. Anton Tkachev, a member of the State Duma Committee on Information Policy, Information Technology, and Communications, was quoted as stating:
“The matter [of launching a national crypto exchange] is being discussed in a number of sectors, including the State Duma. But it is useless to talk about this before the Central Bank [gets on board with the idea].”
He also made it very clear that any national exchange would need to be created in conjunction with the central bank. Tkachev added that while private sector firms could possibly play a role within the creation and operation of the exchange, he insisted that most of the exchange’s shares should “belong to the state.”
Interesting information from Russia, especially considering the impact on the nation from the war. While the data might be somewhat misleading due to smaller individuals inflating the information, it is still important to see that the nation is considering its options when it comes to cryptocurrencies.
Have a great day.
Peace. CryptoGod-1.