- Ivan Chebeskov said Russians have opened about 10 million crypto wallets on foreign platforms.
- The figure was shared during the St. Petersburg International Economic Forum.
- Bank of Russia data showed Russian funds on foreign exchanges fell to 720 billion rubles by March.
Russian Deputy Finance Minister Ivan Chebeskov said citizens have opened about 10 million cryptocurrency wallets on foreign crypto platforms. He shared the estimate during the St. Petersburg International Economic Forum, pointing to the scale of public use outside Russia’s domestic financial system.
Importantly, Chebeskov said the figure has not been fully verified. Even so, he said it shows how widely Russian citizens are using foreign crypto infrastructure while officials continue working on rules for digital assets.
Russia Counts Offshore Crypto Wallets
Chebeskov said Russian citizens have opened roughly 10 million crypto wallets on overseas exchanges and infrastructure providers. According to reports, the estimate came from confidential information exchanges and on-chain cooperation with several large global crypto platforms.
The deputy minister also said it remains difficult to calculate the full value of crypto assets held by Russians. Wallet numbers can show participation, but they do not always reveal ownership, balances, or whether one person controls multiple accounts.
The figure still adds weight to Russia’s wider crypto policy debate. Officials have repeatedly discussed how to bring digital asset activity into a regulated framework, especially as citizens continue using foreign platforms.
Related: Bitmine, Strategy Holdings Down $16.5B Amid Crypto Weakness
Foreign Exchange Balances Fall
Separate Bank of Russia data showed that Russian citizens’ funds on foreign centralized crypto exchanges fell by 23% compared with the previous two quarters. By the end of March, the total reached 720 billion rubles, according to ForkLog’s summary of the regulator’s financial stability review.
The central bank estimated that Bitcoin accounted for 60% of those assets. Ethereum made up 8%, while other cryptocurrencies represented 32%.
Meanwhile, Russian traffic to foreign centralized exchange websites also declined. The “Transparent Blockchain” service recorded 56.5 million visits during the reporting period, down 32%.
That drop suggests fewer direct visits and lower balances on offshore exchanges, even as wallet-count estimates still show broad use of foreign crypto platforms.
Related: Bitcoin Whales Dump $1.65B as Schiff Predicts a Fall Below $20K
Regulation Debate Continues
The data comes as Russia continues shaping rules for digital currencies. In late April, lawmakers held a first reading of the bill “On Digital Currency and Digital Rights.”
The draft defines cryptocurrencies as currency value for foreign trade settlements and requires transactions through licensed intermediaries. The administration of wallets by digital depositories has also created debate.
Additionally, the Bank of Russia noted growth in local synthetic crypto-linked instruments. As of April 1, Russian instruments tied to crypto assets reached about 3.8 billion rubles. Retail investors also held positions in crypto futures linked to Bitcoin, Ethereum, and crypto ETF shares.
The regulator said Bitcoin and Ethereum prices remained below October 2025 levels during the review period. It cited political tensions, expectations around central bank policy, and miner selling pressure as factors behind the market correction.
Chebeskov’s 10 million wallet estimate now gives officials another measure of offshore crypto activity as Russia works toward a more formal digital asset framework.
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