The Central Bank of Russia has added household crypto asset holdings to its survey of consumer finances. Statistics reveal that Russian families keep more money in cryptocurrency wallets than in gold investment accounts or mutual funds.
The Central Bank of Russia assesses the cryptocurrency holdings of Russian households
The Central Bank of the Russian Federation (CBR) has published estimates on the digital assets held by the population in the latest edition of its report on household finances. The survey has been conducted once every two years since 2013 and the latest results covering 2022 were released on Friday.
According to the document Published by the monetary authority, the median average fiat value of cryptocurrency holdings, among Russian households holding such assets, is 17,500 rubles (about $225 at current exchange rates). Median means that more than half of these families, or people who live together and share the same budget, have more crypto funds than the mentioned threshold.
The survey has been carried out among more than 6,000 households and more than 12,000 people in 32 Russian regions. 70% of respondents were surveyed in the May-June 2022 period, RBC Crypto noted in a report. As of the end of 2021, the CBR said that the annual volume of crypto transactions made by the Russians amounts to around $5 billion.
Just over 65% of households had financial assets, the researchers found. The median amount was 15,700 rubles (approximately $200). 64.5% of them keep money in bank accounts and the median of the average is 15,000 rubles.
Another finding is that only 0.4% of the families surveyed have made investments in cryptocurrencies. While this is a small portion of the sample, the number is nevertheless higher than that of households that have put money into shares in mutual funds or precious metals investment accounts, 0.3% in each case.
About 1.6% of households in the CBR study store value in stocks and bonds, with a median average of 26,500 rubles. Another 1.2% of those surveyed have stated that they have electronic wallets with an average of 1,000 rubles.
What do you think about the new Russian survey findings? Let us know in the comments section.
image credits: Shutterstock, Pixabay, Wiki Commons, stock-boris / Shutterstock.com
