The Growing Interest in Cryptocurrencies in Russia: An Overview of the CBR’s Latest Household Financial Report

04/03/2023 10:00 • Digital Disruptors • 86 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

The Central Bank of the Russian Federation (CBR) has released its latest household financial report, providing insight into the digital assets held by the public. The report revealed that a growing number of Russians are investing in cryptocurrencies, with an estimated annual transaction volume of approximately $5 billion in 2021. However, despite the increasing popularity of cryptocurrencies, only a small percentage of households have invested in this new asset class.

The Median Legal Value of Encrypted Assets

According to the CBR’s report, the median legal value of encrypted assets held by Russian households with such assets is 17500 rubles, which is approximately $225 at current exchange rates. This indicates that investing in cryptocurrencies remains a relatively small portion of the average Russian household’s financial portfolio.

The Growing Popularity of Cryptocurrencies

Although the median value of encrypted assets held by Russian households is relatively low, the report shows that cryptocurrency investments are becoming increasingly popular. Approximately 0.4% of surveyed households have invested in cryptocurrencies, indicating a growing interest in this new asset class.

The Importance of Financial Assets in Russian Households

The CBR’s report also revealed that financial assets play a significant role in the financial portfolios of Russian households. Over 65% of households own financial assets, with a median value of 15700 rubles or approximately $200. Additionally, 64.5% of people deposit money into bank accounts, with a median value of 15000 rubles.

Conclusion

The CBR’s latest household financial report provides valuable insight into how Russians invest their money. While cryptocurrencies are becoming increasingly popular, they still represent a small portion of the average household’s financial portfolio. Nonetheless, the growing interest in cryptocurrencies suggests that this asset class may become more mainstream in the future.

FAQs

Q: What is the median legal value of encrypted assets held by Russian households?
A: The median legal value of encrypted assets held by Russian households is 17500 rubles or approximately $225.
Q: What is the annual transaction volume of cryptocurrencies conducted by Russians in 2021?
A: The annual transaction volume of cryptocurrencies conducted by Russians in 2021 is approximately $5 billion.
Q: How many households have invested in cryptocurrencies, according to the CBR’s report?
A: Only 0.4% of surveyed households have invested in cryptocurrencies.

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