Russian crowdfunding market stumbles in 2019

The Russian crowdfunding market has contracted by more than 40% in 2019, figures from the Central Bank have shown.

In the first nine months of the year, 5.2 billion rubles ($81 million) had been raised through crowdfunding on Russian platforms, compared to more than 8 billion rubles in the same period of 2018, Russian business news site RBC said.

The figures were presented to banks and crowdfunding platforms by the Central Bank at a closed meeting last week as part of preparations for new crowdfunding regulations which come into force at the beginning of next year.

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