Cryptocurrency trading in Russia may reach $46.43 bln in first year

Cryptocurrency trading in Russia may reach $46.43 bln in first year The conservative forecast reflects the fact that a significant share of transactions will continue to be conducted through cryptocurrency exchange services, bypassing exchange tradingMOSCOW, August 29. /TASS/. Cryptocurrency trading volumes in Russia are not expected to exceed 4 trillion rubles ($46.43 bln) a year in the first year and may reach around 7.5 trillion rubles ($87.06 bln) by 2029, Sberbank Deputy Chairman of the Executive Board Anatoly Popov told TASS in an interview ahead of the Eastern Economic Forum (EEF). "According to Finance Ministry data as of February, the daily volume of cryptocurrency transactions in Russia is around 50 bln rubles, or roughly 18 trillion rubles a year. SberCIB Investment Research analysts have a fairly conservative estimate: in the first year after legalization, around 20% of this volume, or 3.5-4 trillion rubles a year, will be traded on exchanges. This figure could rise to 4.75-5.25 trillion rubles by 2028 and to 7.5 trillion rubles by 2029," he said. Popov explained that the conservative forecast reflects the fact that a significant share of transactions will continue to be conducted through cryptocurrency exchange services, bypassing exchange trading. In addition, the law takes effect on September 1, but professional market participants have until July 1, 2027, to obtain licenses, meaning the market will not reach full maturity over the next year. The Eastern Economic Forum will be held on September 1-4 in Vladivostok on the campus of the Far Eastern Federal University. The forum is organized by the Roscongress Foundation with the support of the Russian government. TASS is the general information partner. 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