The Central Bank of Russia has added household crypto asset holdings to its consumer finance survey. The statistics reveal that Russian households keep more money in cryptocurrency wallets than in gold investment accounts or mutual funds.
Russian Central Bank Assesses Russian Households’ Cryptocurrency Holdings
The Central Bank of the Russian Federation (CBR) has released estimates of digital assets held by its citizens in the latest edition of its report on household finances. The survey has been conducted every two years since 2013, and the latest results, covering the year 2022, were released on Friday.
According to thedocumentreleased by the Monetary Authority, the median average fiat value of crypto holdings among Russian households with such assets is 17,500 rubles (about $225 at current exchange rates). The median means that more than half of these families, i.e., those who live together and share the same budget, have crypto funds above the quoted threshold.
The survey was conducted among more than 6,000 households and 12,000 individuals in 32 Russian regions. 70% of respondents were surveyed in the May-June 2022 period, RBC Crypto noted in its report.At the end of 2021, the CBR said the annual volume of crypto transactions conducted by Russians would reach about $5 billion.
Just over 65% of households were found to have financial assets. The median value was 15,700 rubles (about $200); 64.5% had money deposited in bank accounts, with the median average being 15,000 rubles.
The study also found that only 0.4% of households have invested in cryptocurrencies. This figure is greater than the 0.3% of households that have invested their money in mutual fund stocks or precious metal investment accounts.
The CBR survey found that about 1.6% of households placed value in stocks and bonds, with a median average of 26,500 rubles. In addition, 1.2% of respondents stated that they own an e-wallet, with a median value of RUB 1,000 on average.
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