Household crypto holdings included in Bank of Russia survey on consumer finance – Finance Bitcoin News

Russia’s central bank has added household holdings of crypto assets to its survey of consumer finances. The statistics reveal that Russian families keep more money in cryptocurrency wallets than in gold investment accounts or mutual funds.

Russia’s central bank assesses cryptocurrency holdings of Russian households

The Central Bank of the Russian Federation (CBR) has published estimates of the digital assets held by the population in the latest edition of the report on household finances. The survey has been carried out every two years since 2013, and the latest results for 2022 were published on Friday.

According to the document published by the monetary authority, the median average of the fiat value of crypto holdings, among Russian households holding such assets, is 17,500 rubles (around $225 at current exchange rates). The median means that over half of these families, or people who live together and share the same budget, have more crypto assets than the quoted threshold.

The survey was conducted among over 6,000 households and more than 12,000 individuals in 32 Russian regions. 70% of respondents were asked in the period May – June 2022, RBC Crypto noted in a report. At the end of 2021, CBR said that the annual volume of crypto transactions made by Russians amounts to about $5 billion.

Just over 65% of households had financial assets, the researchers determined. The median amount was 15,700 rubles (about $200). 64.5% of them have money in bank accounts and the median average is 15,000 rubles.

Another finding is that only 0.4% of the families surveyed have made investments in cryptocurrencies. Although this is a small part of the sample, the number is still greater than for households that have put money in shares in mutual funds or investment accounts for precious metals, 0.3% in each case.

About 1.6% of households in the CBR study store value in stocks and bonds, with an average of 26,500 rubles. Another 1.2% of respondents declared to have electronic wallets with an average of 1000 rubles.

What are your thoughts on the findings of the new Russian investigation? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “To be a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.