Report Says Russians Transact over $5 Billion per Year with Cryptos

report says russians transact over 5 billion per year with cryptos

Sumary of Report Says Russians Transact over $5 Billion per Year with Cryptos:

  • Russia’s central bank unveiled a report today about financial stability, noting that the country is highly active globally when it comes to cryptocurrency transactions.
  • That said, Russians are among the top leaders in the $2.8 trillion crypto market around the world.
  • “The relationship between digital currencies and the financial sector remains limited at the moment.
  • However, the rapid growth and the widespread adoption of digital currencies would pose higher risks both globally and for the Russian financial market,” Bank of Russia commented.
  • Suggested articlesAre You Ready For iFX EXPO Dubai 2022?Go to article >>Daniil Egorov, the Head of the Russian Federal Taxation Service (FTS), expressed his concerns that cryptocurrencies could be a path for tax evasion.
  • During an interview with a news agency, RBC, Egorov mentioned that the tax authority is ‘closely watching’ the crypto market and assessing its potential to ‘significantly erode the country’s taxation base.

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