According to the Central Bank of Russia, the citizens of the country have surpassed $5 billion in total crypto transactions in a year. However, it is interesting to note that the report did not come from a spirit of optimism. The Central Bank of Russia is strictly against the idea of decentralized digital currencies and believes that it can cause great harm to both the economy and the environment. That does not stop Russia from being one of the leading countries in cryptocurrency transactions. In 2021 alone, Russians visited global crypto exchange leader Binance the most number of times. The cryptocurrency sector in Russia is growing steadily, and that has become a reason of concern for some regulatory bodies.
In Russia, the government is in a mixed stance with respect to crypto. While cryptocurrencies are not banned, they are not actively encouraged by monetary authorities either. With respect to the recent $5 billion transaction report, the Central Bank of Russia says that a huge portion of transactions goes unrecorded due to illegal use and money laundering. Crime and cryptocurrency remain another area of concern for Russian authorities, and the growth of privacy-focused cryptocurrencies has made the problem even more severe. Apart from combating cybercriminals, there is very little for regulators to do in the crypto sector. Being a decentralized entity, it does not require a government to work as its intermediary. That has put many countries, including Russia, in a tough place.