Russian citizens reportedly own 16.5 trillion rubles ($214 billion) worth of cryptos, according to govt estimates.
Russians own about 12% of the total global crypto holdings.
The crypto holdings estimates were calculated by analyzing IP addresses of some of the most significant crypto exchange users in the country along with a few other data points, said two people working with Kremlin.
The crypto holdings analysis of Russian citizens is being carried out to get an overview of the crypto market and formulate new regulations. The proposals are yet to be finalized.
