- Russia becomes the highest crypto user country in the world for 2021.
- Russians are the highest users among the Binance platform.
- The Central Bank of Russia is quite worried about the current financial inflammation due to cryptocurrency .
Whether it be the World wars, nuclear weapons, space programs, whatever field it be, Russia tends to overtake the world at one time or the other. In such a history with the U.S being its primary rival, taking into account the topic of cryptocurrency, Russia tops the charts for the year 2021.
According to the Central Bank of Russia (CBR), Russians have so far made about crypto transactions worth $5 Billion dollars for the year 2021 alone. This remarks the fact that Russia boasts the most number of crypto users in the world for 2021.
Despite various rules and regulations being imposed widely, the overall crypto industry for Russia is quite evolving over and over upwards. And so, Russia is said to contain the highest general crypto-economy amongst the common people.
Central Bank of Russia’s Anguish
Besides, the fact all the data were officially recorded and put out by the CBR, they are quite controversial and states it’s not something the country should be proud of though.
The CBR states that the rise of the crypto economy directly impacts the financial stability of the overall economy of the nation. The risk factors involved are catastrophic, CBR terms.
In addition, the rise of the crypto economy also indirectly brings up the crime rates and money laundering issues in the country. This is due to the fact that most criminal activities are now being paid and transacted through cryptos.
Furthermore, the CBR terms that with such a rise, the need for newer and more reformed rules and regulations are at rise too.
Reasons Behind the Records
Russia currently for the year 2021 is the highest crypto user country in the world and also the highest user in the Binance trading platform.
With all such records for the year 2021, there are several major reasons. Accordingly, recent developments in various attributes of the blockchain industry such as the DeFi, NFTs, Blockchain gamings, and so on have significantly contributed towards the rise of the crypto economy for Russia.
Moreover, Bitcoin (BTC) is another major factor. The availability of cheap power resources makes Russia one of the best places in the world for BTC mining.