Russian Central Bank Warns of Significant Increase in Crypto-related Activity

Russian Central Bank Reports Surge in Citizens’ Crypto Transactions

Overview

The Russian Central Bank has observed a significant increase in citizens’ transactions on crypto exchanges and peer-to-peer crypto trading platforms, according to a recent financial stability report.

Key Findings

The report highlighted that Russian users’ web traffic on major cryptocurrency platforms rose by 16.4% compared to previous quarters. The average monthly number of unique Russian IP address-holders on major crypto exchanges also increased by 15.1%, with Russians making a total of 104.6 million visits to crypto platforms.

Popular Assets and Transaction Volume

Russians showed a preference for higher-cap cryptoassets like Bitcoin and Ethereum, as well as USD-pegged stablecoins such as USDT and USDC. The total transactions potentially attributable to Russians amounted to over $50.2 billion, including crypto trades, P2P payments, remittances, and more.

Regulatory Concerns

The report did not disclose the specific platforms monitored but warned of the risks associated with holding crypto in Russia. With tensions rising between Russia and the West, the Central Bank cautioned users about potential sanctions and the loss of access to funds held in stablecoins like USDT and USDC.

Future Regulations

The Central Bank recommended that financial organizations in Russia refrain from offering financial instruments tied to cryptoassets and avoid advertising services related to crypto circulation. The report hinted at forthcoming regulations in the country.

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