The Russian central bank allegedly said it wants to ban investments in cryptocurrencies in the country, seeing risks to financial stability in the rising number of crypto<\/a> transactions.<\/p>\n The country\u2019s financial kingpin did give digital currencies legal status in 2020, but it prohibited using them as a means of payment.<\/p>\n However, the chairman of the Duma Committee on Financial Markets, Anatoly Aksakov, said there was a very tough approach to the complete prohibition of cryptocurrencies, such as acquisition or ownership.<\/p>\n \u201cThere exists an approach where there must be appropriate crypto<\/a> exchanges, where everything is legalised, transparent, and understandable to regulatory bodies,\u201d he said.<\/p>\n \u201cIt would be easier for the Federal Tax Service of Russia to tax such exchange transactions.\u201d<\/p>\n For now, Russian authorities prioritise the launching of a CBDC<\/a> ruble and have enacted tough crackdowns on the private crypto<\/a> sector, including banning mutual funds from investing in Bitcoin<\/a> (BTC).<\/p>\n Most recent figures, however, suggest that Russians transact about $5bn each year in cryptocurrencies and that cryptocurrencies are a hedge for 46% of Russian retail investors.<\/p>\n According to a survey, cryptocurrency<\/a> is the primary source of income for 12% of the Russian-speaking crypto<\/a> users, and more than 90% of the respondents expressed their desire to use digital coins as a means of payment.<\/p>\n Russia can boast many prominent names in the crypto<\/a> world, including Vitalik Buterin<\/a> and Igor Barinov.<\/p>\n Some of the other names associated are Aleksander Ivanov, founder of the Waves Platform; Sergei Chekriy and Yury Mukhin the two Russian entrepreneurs behind I-chain, while Alex Fork is the CEO of Fintech firm Humaniq.<\/p>\n Some of the most popular Russian cryptocurrencies, which need not be originated from Russia are:<\/p>\n Bitcoin<\/a> is being widely used in Russia \u2013 40% of the participants view cryptos like Bitcoin<\/a> as a good long-term investment. People already can pay with Bitcoin<\/a> for some hotels and restaurants and also cars and furniture, meaning it is being used as a payment medium.<\/p>\n According to a study by big data platform Brand Analytics, Bitcoin<\/a> was the most popular cryptocurrency<\/a> in Russia in 2021, outpacing coins such as Tether<\/a> (USDT) and Litecoin (LTC) in terms of social media mentions.<\/p>\n Cryptocurrencies have been growing increasingly popular among Russian investors in recent years, with 77% of Russian investors preferring Bitcoin<\/a> to gold in a survey last year.<\/p>\n Ethereum<\/a> is the creation of Russian-born Vitalik Buterin<\/a> and is one of the esteemed cryptocurrencies in the country.<\/p>\n Russia also introduced Ethereum<\/a> blockchain<\/a> in the voting system to make it more transparent.<\/p>\n Golos is a Russian cryptocurrency<\/a>, which is the Russian version of STEEM coin, which is the most popular blockchain<\/a>-based social network.<\/p>\n It was conceived and developed by Cyber Fund, a renowned Russian cryptocurrency<\/a> organisation in late 2016.<\/p>\n Litecoin also is a part of the list, which has been extensively used in Russia.<\/p>\n According to analysts, people who cannot afford Bitcoins, get easily converted to buying Litecoins, as both are having similar properties.<\/p>\n Dogecoin became quite popular in 2018 when Russia allowed it as a payment option during the World Cup.<\/p>\n However, with the constant upgrading by Elon Musk, Dogecoin adoption kept rising in the country.<\/p>\n Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.<\/strong><\/p>\nBitcoin<\/h2>\n
Ethereum<\/h2>\n
Golos<\/h2>\n
Litecoin<\/h2>\n
Dogecoin<\/h2>\n
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