Within the regulated cryptocurrency market, trading volume in Russia could reach 4 trillion rubles ($46.4 billion) at the end of the first year of circulation, according to a report by SberCIB Investment Research. According to TASS, trading volume was expected to range from 3.5 trillion to 4 trillion rubles, with the agency estimating the upper bound.

Sberbank Deputy Chairman Anatoly Popov said that this estimate assumes that only a small portion of Russia’s existing cryptocurrency market shifts to the regulated legal segment. According to the Finance Ministry, cryptocurrency turnover in Russia totaled 50 billion rubles ($605 million) per day, or 18 trillion rubles ($218 billion) per year. Around 20%…