The volume of the digital asset market in the Russian Federation”

Eugeny Kudrin
bartersmartplace
Published in
3 min readMay 25, 2023

In recent years, Russia has been actively developing the digital economy, which leads to an increase in the volume of digital assets on the market. These assets include cryptocurrencies, tokens, commodities, and other digital products. It is important to note that the value of digital assets is not only growing along with the digitalization of the economy, but also becomes relevant due to the need to bypass SWIFT blocking and payment systems in Russia. In this article, we will consider the size of the digital asset market in Russia and its prospects.

The digital asset market will reach 60 billion rubles by the end of next year

According to the statement of the RSPP vice president for financial policy and development of economic sectors, Alexander Murychev, the volume of the digital asset market in Russia continues to grow, and will reach 60 billion rubles by the end of next year. He noted that the development of the digital assets turnover system and digital rights is a key element in the formation of a competitive economy.

Didgital asset is often is a blockchain-based tool that allows you to exercise digital rights on monetary claims, equity securities and participation in the capital of a non-public joint-stock company. All transactions with DFAs must be made only through digital financial asset exchange operators, such as banks, exchanges and other legal entities that meet certain criteria.

Vkontakte and NFT collections

One of the most high-profile events on the Russian digital asset market was the recent launch of the first NFT collection on the VKontakte platform. 8000 tokens were sold out in just 30 minutes, which was the first NFT sale for rubles in history. Users who purchased tokens received priority access to future drops of the company, which will also be held on the VK NFT platform.

The volume of CFA output has now reached about 2 billion rubles. This means that the CFA market is still in the initial stage of development and has great potential for growth. However, further development of the market requires support from regulators and efforts from business.

The development of the digital asset market in Russia can become an important catalyst for the formation of a competitive economy and attracting investment to the country. Therefore, the issue of developing digital assets is on the agenda in Russia and may become one of the key elements of future economic growth.

Prospects

In the era of neural networks and artificial intelligence, the digital asset market is facing new challenges. One of them is the high need for proofs of authenticity to ensure the security of transactions. With the advent of new technologies, cybercriminals are also becoming more inventive in their attack methods, increasing the need to protect digital assets.

In addition, the tokenization of real assets will also enrich this market. For example, if you want to create a token that represents a stake in real estate, you need to prove ownership of that real estate and go through legal procedures to ensure its legal status. This can take a lot of time and effort, which can affect the speed and availability of transactions.

Thus, the digital asset market is becoming increasingly complex and requires new approaches and technologies to ensure the security and efficiency of transactions.

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