Crypto transactions in Russia reached $ 5 billion

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Posted on November 28, 2021

The Bank of Russia said the total annual volume of crypto transactions in Russia has reached $ 5 billion.

The bank revealed this in its new review of the Financial Stability Report. According to the bank, it has one of the most active crypto populations in the world and plays a growing role in the crypto ecosystem (worth around $ 2.8 billion).

Russia is said to be one of the world leaders in terms of a visit to the Binance cryptocurrency exchange, and is only second behind Turkey.

The bank added that the country is also one of the largest bitcoin mining countries in the world, ranking third in hash rates.

Despite the nation’s position in the crypto ecosystem, the bank highlighted the main risks associated with the industry, citing lack of financial stability, investor protection, money laundering and criminal funding.

The Bank of Russia said: “The relationship between digital currencies and the financial sector remains limited for the time being.

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

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