The Rise of Cryptocurrency in Russian Households

04/03/2023 10:00 • Metaverse Matters • 105 views

According to reports, the Central Bank of the Russian Federation (CBR) released an estimate of the digital assets held by the public in its latest household financial report. According to documents released by monetary authorities, the median legal value of encrypted assets in Russian households with such assets is 17500 rubles (approximately 225 US dollars at current exchange rates). CBR stated that at the end of 2021, the annual volume of cryptocurrency transactions conducted by Russians was approximately $5 billion. Researchers have confirmed that slightly over 65% of households own financial assets. The median is 15700 rubles (approximately $200). 64.5% of people deposit money into bank accounts, with a median of 15000 rubles. Another finding is that only 0.4% of surveyed households have invested in cryptocurrencies.

Survey: Financial investments by Russian households include encrypted assets

Introduction

Cryptocurrency has recently gained prominence as a popular investment option, especially among millennials. However, the use of digital currency across different countries is still in its infancy. According to reports, the Central Bank of the Russian Federation (CBR) released an estimate of the digital assets held by the public in its latest household financial report. The following article will discuss this report in detail.

The Rise of Cryptocurrency

The CBR reported that the median legal value of encrypted assets in Russian households with such assets is 17500 rubles (approximately 225 US dollars at current exchange rates). This indicates that there has been a recent upsurge in the investment of cryptocurrency by Russian households.
Furthermore, researchers have confirmed that slightly over 65% of households own financial assets. The median is 15700 rubles (approximately $200). This indicates that while cryptocurrency is an increasingly popular form of investment, it is yet to become a mainstream option for households in Russia.

The Annual Volume of Cryptocurrency Transactions

The CBR stated that at the end of 2021, the annual volume of cryptocurrency transactions conducted by Russians was approximately $5 billion. This figure is substantial and points to the new position that cryptocurrency is beginning to take in the global market.
However, it is important to note that not all households own digital currency. As a matter of fact, only 0.4% of surveyed households have invested in cryptocurrencies. The number is relatively low, but it is a sign of potential growth in the digital asset market.

Bank Accounts as a Popular Financial Investment

The report also revealed that 64.5% of people deposit money into bank accounts, with a median of 15000 rubles. This confirms that traditional financial investments are still dominant in the financial market across Russia.
However, this does not indicate that cryptocurrency is not a valuable investment option. On the contrary, with the rise in digital payments and transactions, it is becoming increasingly necessary to consider digital assets in financial investment plans.

Conclusion

In conclusion, the CBR’s latest household financial report reveals interesting numbers on the rise of cryptocurrency in Russia. While the use of digital currency is yet to become fully mainstream, the report shows that it is a promising investment option that will continue to gain traction in the years to come.

FAQs

1. Is cryptocurrency gaining popularity in Russia?
– Yes, the CBR report revealed that there has been a recent upsurge in the investment in cryptocurrency by Russian households.
2. How much do Russian households typically invest in cryptocurrency?
– The median legal value of encrypted assets in Russian households with such assets is 17500 rubles (approximately 225 US dollars at current exchange rates).
3. What other financial investment options are popular in Russia?
– The report revealed that 64.5% of people deposit money into bank accounts, with a median of 15000 rubles.

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