The Russian prime minister declared that the cryptocurrency holdings of Russians are worth billions of dollars but the government is yet to adopt a regulatory framework for the industry.

Russians collectively hold more than 10 trillion rubles ($130 billion) in cryptocurrencies like Bitcoin (BTC), Russian Prime Minister Mikhail Mishustin claimed at the annual report presentation of the Russian government on Thursday.

The prime minister did not mention the source for this figure, noting that the amount is based on “various estimates,” stating:

“We are well aware that we have more than 10 million young people having opened crypto wallets so far on which they have transferred significant amounts of money, which exceeds 10 trillion rubles.”

If true, the latest estimations of Russian crypto holdings cited by Mishustin are pretty close to Russia’s gold stash, which reportedly amounted to $140 billion as of late March 2022. According to White House estimations, Russia’s gold holdings make up about 20% of the country’s central bank’s overall reserves.

The latest numbers from the Russian government come months after the Bank of Russia announced plans to assess the size of local crypto holdings last year. The central bank has since estimated Russia’s annual crypto transactions to be worth around only $5 billion. Earlier this year, some sources had estimated Russia’s total crypto holdings to amount to $214 billion.

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