Russian officials estimate $129B in annual crypto turnover outside formal oversight.
The central bank supports limited legalization with strict retail caps.
Sanctions pressure and EU scrutiny accelerate Russia’s regulatory rethink.
Russian officials say citizens move more than $129 billion in crypto each year outside formal oversight, prompting renewed calls for regulation.
At the Alfa Talk conference, Deputy Finance Minister Ivan Chebeskov highlighted the scale of adoption. He said Russian citizens generate roughly 50 billion rubles in daily crypto turnover. That equals about $648 million per day and more than 10 trillion rubles annually. In dollar terms, the figure approaches $129.4 billion each year.
Chebeskov stressed that most of this activity flows through unregulated channels. He argued that authorities must bring the market into a formal framework rather than allow it to operate beyond government visibility. He emphasized that millions of Russian citizens hold
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