Cryptocurrency Adoption and trends in Russia in 2022
It is estimated that over 14.6 million Russians, 10.1% of the total population, currently own cryptocurrency.
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. 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. 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.