Russians Conduct $5B Worth of Crypto Transactions a Year, Central Bank Says

Russians Conduct B Worth of Crypto Transactions a Year, Central Bank Says
Some $5 billion (350 billion Russian rubles) of crypto changes hands in Russia every year, the country’s central bank said in its Financial Stability Overview report published Thursday. However crypto-related risks to the country’s financial stability are currently low because they are mostly isolated from the mainstream financial system, the report said.The reports cites a July poll of Russia’s largest banks. It does not give details on the kinds of transactions or how banks identify those that are crypto related. The Bank of Russia had not responded to a CoinDesk request for details by publication time.“According to some indirect estimates,…