Deputy Chairman of the State Duma Committee on Information Policy, Information Technologies and Communications Anton Gorelkin criticized the weak position of the Bank of Russia regarding the regulation of cryptocurrencies.

Cryptocurrencies are now not a “mainstream topic”, the issue of regulation is not raised at the level of the Ministry of Finance or the Ministry of Digital Development, it is raised by individual deputies, which makes the situation sluggish, the people’s representative is indignant:

“What is happening today is that without regulation of cryptocurrencies, we are simply providing peace of mind to the central bank.”

Anton Gorelkin points out the discrepancy between the Central Bank’s statistics and the Ministry of Finance’s data. According to the Central Bank, there are almost no users of crypto wallets in Russia. And data from the Ministry of Finance shows that Russians have tens of millions of crypto wallets. That is, many market participants are in a gray zone, outside the law, and this leads to the development of semi-legal schemes, the parliamentarian claims.

A crypto journalist under the nickname Wu Blockchain recently wrote that in December 2023, the share of traffic from Russia on the largest cryptocurrency exchanges reached 19%. Russians were the leaders in the number of visits to the Bybit, MEXC and HTX exchanges. On Bybit in October the share of visitors from the Russian Federation was 19% of the total, on MEXC – 12%, on HTX – 11%. Bybit has continued to be among the top favorites among Russians for several months after the departure of the largest crypto exchange Binance from the country.