The Bank of Russia has said disclosed that the total annual volumes of crypto transactions in Russia have reached $5bn.
The bank disclosed this in its fresh review on financial stability report. According to the bank, it has one of the most active crypto populations in the world, and plays a growing role in the crypto ecosystem (worth about $2.8tn).
Russia is reportedly one of the global leaders in terms of visit to the Binance cryptocurrency exchange, and is only second to Turkey.
The bank added that the nation is also one of the world’s largest bitcoin mining countries, ranking third in terms of hash rates.
Despite the nation’s stand in the crypto ecosystem, the bank outlined major risks associated with the industry, citing lack of financial stability, investor protection, money laundering, and criminal financing.
The Bank of Russia said, “The relationship between digital currencies and the financial sector remains limited at the moment.
“However, the rapid growth and the widespread adoption of digital currencies would pose higher risks both globally and for the Russian financial market.”