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Russia is expected to decide on the fate of cryptocurrency exchanges in 2022. The future of virtual currencies in Russia is probably expected to finalized in 2022 according to a high rank official from the Financial Watch Dog. By international standards Moscow authorities might either regulate or ban such platforms.
Russians tend to gain access to banned information through specific VPN providers. Roskomnadzor, the government body responsible for oversight of communications in Russia, has previously taken steps to block six more VPN providers.
Lawmaker Revealed that Russians have invested more than $67 billion in Cryptocurrency: Russian residents have reportedly invested their national fiat currency worth more than $67.5 billion combined across different cryptocurrencies. “5 trillion Rubles have already been invested by Russians in cryptocurrency.” The details of the time period over which the buying has taken place is not yet revealed.
Contradictory to the above news Bank of Russia states they do not see any place for cryptocurrency in the financial market: Therefore, a Digital Ruble Prototype has been finalized. Bank of Russia has always maintained a hard line stance when questioned about legalizing cryptocurrencies. Reportedly, by amendments to the legislation a more precise definition of how cryptocurrencies can be traded is expected to be revealed soon.
Russian Hints on Tools to Restrict Crypto: The Central Bank of Russia continues to oppose crypto investments citing volatility of digital assets. They continue to be conservative in their stance. Elvira Nabiullina, Head of Central Bank of Russia stated they have the means and tools to restrict crypto. Very obvious that Russia’s monetary authority clearly does not welcome investments of Russian citizens in cryptocurrencies.
Price for Mining Hardware Spikes in Russia: Retail price data points to an increase in mining equipment in Russia due to increased interested from buyers. The demand is more for new and used devices – particularly so for the ASIC (Application Specific Integrated Circuits) machines. Decreased supply in video cards is one of the reasons for exponential increase in prices.
Contradictory – Ukraine in Russia have shut down Several Cryptocurrency Farms: Several illegal crypto mining facilities allegedly powered by stolen electricity have been discovered around the capital cities, Kyiv and Moscow and also in the Russian republic of Dagestan and they have been shut down. Reportedly, the cost of the illegally consumed electricity used to power the mining hardware exceeds 500,000 Rubles in a day which amounts to $7,000.
It is interesting to see that more than one half of the portfolio of non-qualified Russian investors has bitcoin as they consider it to be a potential hedge.
