Russian finance ministry says more than 20 million people hold crypto worth 3.7 trillion rubles

Russia’s Deputy Finance Minister Ivan Chebeskov said at least 20 million Russians have invested in crypto products, with combined holdings of about 3.7 trillion rubles, or roughly $44 billion. He said those assets are mainly used for foreign trade settlements, mining, trading on offshore exchanges, and savings. At the same time, Russia is moving ahead with a regulatory framework that would allow both qualified and non-qualified investors to hold and trade crypto assets on domestically regulated exchanges. The country is still keeping a ban on using crypto for everyday payments, while also advancing the digital ruble as a payment instrument under direct state oversight. The remarks outline Russia’s current two-track approach: opening space for regulated investment and trading, while limiting crypto’s role in routine payments and promoting a state-controlled digital alternative.