Russia

Cryptocurrency information about Russia

How many crypto owners are in Russia?

It is estimated that over 14.6 million Russians, 10.1% of the total population, currently own cryptocurrency.¹

State of Crypto in Russia

In Russia, cryptocurrency is still steadily developing as the Russian government continues to evaluate and assess its regulations and legislation on the rapidly emerging digital asset. Nonetheless, Russia has taken positive steps with regard to crypto, as the government recently approved the use of crypto for cross-border transactions.²  In September 2022, the Bank of Russia and the country’s Ministry of Finance announced that they have come to an agreement that allows for cross-border payments in cryptocurrencies.³ Furthermore, Russian government officials also made public in a Reuters article that they will “sooner or later legalise cryptocurrencies as a means of payment”.  Such policies seem to already be in motion as the two main financial institutions in Russia have also reportedly agreed to approve the use of crypto payments in international trade.

Russia Crypto Ownership Demographics

Amongst the 14.6 million Russians who own cryptocurrencies, Ethereum is the most popular digital asset, with 32% of Russian crypto owners holding that currency. Surprisingly, Bitcoin is only in second place with 30.8%. The blooming altcoin scene in Russia is reflected in their ownership data as almost one in every five crypto owners in Russia most likely own Ripple, Dogecoin or Solana. To no surprise, as a country with significantly more women than men, Russia is among the few countries where more women own crypto as opposed to men.  Research conducted by Finder in late 2021 also concluded that the bulk of crypto owners in Russia are roughly 18-34 years old (59.1%).

Crypto’s rising popularity in Russia

  • Russia Said to Allow Crypto Mining in Regions With Hydroelectric and Nuclear Power – September 2022
    Russia recently agreed on legislation to help facilitate the mining of cryptocurrency in the approved areas within its country. The idea of mining in regions with a steady surplus in electricity and energy generation is not something new. Ultimately, the idea here is to channel the surplus electricity and energy into something productive. 
  • Central Bank Of Russia Approves Bitcoin, Ethereum, Others, For Cross-Border Payments – September 2022
    The Central Bank of Russia has taken a huge step regarding its crypto legalisation as it moves to legalise crypto for cross-border transactions. This is the result of the Russian government becoming more open about its laws and regulations on crypto in the past few months. Allowing crypto payments for cross-border use also enables its citizens to have access to their digital asset wallets within or outside of Russia. 
  • More Russians are disclosing their cryptocurrency incomes– April 2021 
    Consulting firms, such as PwC Russia, said that Russians have been increasingly reporting their income from cryptocurrency operations. The number of cryptocurrency holding disclosures in Russia has been on the rise over the past several months, according to a new report. Russian news agency Izvestia reports Thursday that Russians have been increasingly disclosing their income from crypto trading for tax purposes. The report cites data from consulting and law firms such as KPMG, PricewaterhouseCoopers, FTL Advisers, as well as Moscow-based public policy think tank the Center for Strategic Research.