Russia Warns Crypto Investors of $44 Billion Risk

Russia's Deputy Finance Minister Ivan Chebeskov has shed light on the country's growing cryptocurrency market. According to Chebeskov, approximately 20 million people in Russia use cryptocurrencies, with a total investment of around $44 billion (3.7 trillion rubles) in digital assets and related financial products.

The daily trading volume is estimated at around 50 billion rubles, which includes not only direct cryptocurrency ownership but also certain financial products tied to digital assets.

Chebeskov emphasized that if a foreign-issued stablecoin such as USDT or USDC freezes an investor's assets for reasons beyond the control of the Russian institution, the resulting losses will be the investor's responsibility. He warned that investors should not expect compensation in such cases.