About 20 million people in Russia use cryptocurrencies, with holdings estimated at 3.7 trillion rubles ($44 billion) and daily trading volume around 50 billion rubles ($595 million), Wu Blockchain reported. Russian Deputy Finance Minister Ivan Chebeskov said taxpayers must report cryptocurrency transactions conducted outside the country’s regulatory framework to the Federal Tax Service. He also said investors would bear losses if overseas issuers freeze stablecoins (cryptocurrencies designed to maintain stable value) such as USDT or USDC for reasons beyond Russian custodians’ control.