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Crypto owners rule out the traditional currency in Russia.

Published: in Finance Advice by .

Russia has also been the epicentre of the spread of bitcoins. Not only bitcoin but other cryptocurrencies are also prominently used in the geographical boundaries of Russia. There are thousands of cryptocurrency investors in this country, spreading like fire. Recently, according to a survey done by a company, investors prefer cryptocurrencies over the traditional currencies in Russia. They believe that these digital coins have the potential to provide them with higher benefits as well as develop the global ecosystem ultimately. According to the report, the cryptocurrency accounts for half of the total non-qualified Russian investors portfolio. Apart from this, cryptocurrencies and real estate are also involved in this total. Investing.com conducted the research, and the digital currency shares 46% of every thousand respondents.

Another 30% of investors look for investing their money in stable assets like real estate. Real estate is developed in Russia, and there is enormous profit also. Apart from both above mentioned, around 47% of the participants also prefer investing their money in gold because it is a reliable instrument to make E-Yuan trading bot. Also, when there is a crisis in the global ecosystem, it is gold that does not face the impact. Due to the high resistance levels of gold to the outer economy, it always remains a better option for every investor in the world. Also, the stock market is not behind in this race. Around 27% of the total respondents to the survey says that they also prefer investing their money in the stock market and bonds rather than putting it in the precious metals.

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The property has been an essential part of ageing assets. However, in 2021, cryptocurrencies had taken over everything. The head of investing.com also mentioned that digital financial assets outperform other currencies in Russia and worldwide. Also, the stock market and other marketing instruments are far behind compared to cryptocurrencies like bitcoin. Recently, according to a survey, it is recorded that people who prefer investing their money in cryptocurrencies also take some spare investment for secure options. They invest a little of their money in Fiat currency to provide a little bit of investment stability.

Russian investors most active in cryptocurrencies

According to the details given by the bank of Russia, most of the Russians who are taking part in trading activities are almost active in the digital currency market. The regulatory banking institution also said that the total crypto transaction volume made by Russian residents every year reaches up to $5 billion, which is not a small amount of money. According to the monetary authority, the financial stability of the second quarter and third quarter of 2 thousand 21 says that it is risky for both investors and the country’s financial stability To take a massive share of the cryptocurrency market. If the Russian investors keep on withdrawing their money from the Fiat currency and investing in cryptocurrencies, it will seriously affect the financial system of Russia.

Even if the cryptocurrencies are spreading like fire among Russian investors, the bank is not looking for restrictions. Also, the number of non-qualified investors is increasing tremendously in cryptocurrency assets. In October 2021, the Russian lawmakers were in talks with the authorities to impose some contemplating restrictions on the cryptocurrency investors in Russia. However, there was no result for the stocks. Also, the same month in the last year, Russia asked the investors to invest only $8000 in cryptocurrencies and asked for public opinion about this. The total Russian investment in cryptocurrencies ranges between $300 and $500 billion, and it is a very concerning matter of topic for the government. Also, it has experienced a sixfold growth in one year, which is remarkable.

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According to market capitalisation, the most prominently used coins by the Russian investors is none other than the BBC, which is the largest cryptocurrency in the world. The experts emphasise that cryptocurrency investment is increasing because of the drop in its dominance. It has the largest market capitalisation of 42% in total. Also, there has been an active proposal of legally defining the status of the highest number of qualified investors in the cryptocurrency market in Russia. However, if they get legal status, it will also affect the investors of Domestic currency and foreign currencies. Also, it will provide a boost to the foreign and domestic currency trading platforms.

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Finance Advice 2021