# Deputy Finance Minister Estimates 20 Million Russian Crypto Users By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/24717 Published: 2026-09-28T03:26:07.000Z Updated: 2026-09-28T03:26:07.000Z Section: Regulation > Ivan Chebeskov put Russian residents’ cryptoassets and related financial products at 3.7 trillion rubles, or about $44 billion. Deputy Finance Minister Ivan Chebeskov estimated that about 20 million people in Russia use cryptocurrency and that residents hold roughly $44 billion in cryptoassets and related financial products. Chebeskov presented the estimate Sept. 21, 2026, putting the total at 3.7 trillion rubles. The figure is an expert estimate and includes direct digital-currency holdings as well as some financial products linked to cryptoassets. “This sum includes direct holdings of digital currencies and part of the financial products linked to them,” Chebeskov said. The new figure does not specify how many users hold assets directly, use related products or remain active. The total covers a broader set of assets than the Bank of Russia’s 827 billion rubles in cryptocurrency exchange-wallet balances at the end of March 2025. The measures are different and are not directly comparable. Bitcoin accounted for 62.1% of those balances, Ether (ETH) for 22% and USDT and USDC for 15.9%. Russia’s cryptocurrency law took effect Sept. 1, 2026. It permits regulated market infrastructure and allows cryptoassets and stablecoins to be used for certain cross-border settlements, while domestic settlements remain prohibited. The Bank of Russia has also said digital financial assets with stablecoin-like features may be used for investment and cross-border settlements but not domestic payments. The rules are part of Russia’s effort to move crypto activity from foreign platforms and informal channels into regulated infrastructure. Chebeskov previously said, “Since they are already using it, we need our own infrastructure to protect citizens and to have both economic and technological benefits.”