Russia Estimates 20 Million Crypto Users with $44 Billion in Assets

Russia's Deputy Finance Minister Ivan Chebeskov estimates that around 20 million people in Russia use cryptocurrency, holding roughly $44 billion in cryptoassets and related financial products. This estimate, presented on September 21, 2026, puts the total at 3.7 trillion rubles, which includes direct digital-currency holdings as well as some financial products linked to cryptoassets.

Chebeskov stated that 'This sum includes direct holdings of digital currencies and part of the financial products linked to them.' The new figure encompasses a broader set of assets than the Bank of Russia's 827 billion rubles in cryptocurrency exchange-wallet balances at the end of March 2025. Bitcoin accounted for 62.1% of those balances, Ether (ETH) for 22%, and USDT and USDC for 15.9%.

Russia's cryptocurrency law took effect on September 1, 2026, allowing regulated market infrastructure and permitting cryptoassets and stablecoins to be used for certain cross-border settlements, while domestic settlements remain prohibited. The rules aim to move crypto activity from foreign platforms and informal channels into regulated infrastructure.