Significant Increase in Crypto-Related Activity Noted by the Russian Central Bank
Hey folks.
According to the Russian Central Bank, it has noticed a remarkable increase in transactions from citizens on crypto exchanges and P2P crypto trading platforms.
As per RBC, the Russian Media Outlest, a financial stability report has been published by the bank, making multiple observations on transactions from citizens of Russia.
The bank discussed trends it saw between the first quarter of FY2024 and the fourth quarter of FY2023.
The regulator reported that, "compared to the second and third quarters of 2023," there was a 16.4% increase in the "total web traffic of Russian users on the websites of the largest cryptocurrency platforms."
The bank stated that Russian citizens made total visits of 104.6 million to cryptocurrency exchanges and Peer-to-peer sites.
According to the bank, there was a 15.1% increase in the average monthly count of distinct Russian IP address holders to "major crypto exchanges."
According to the bank, this indicates that 7% of all traffic on these significant international cryptocurrency exchanges comes from Russia.
Still, this falls short of the bank's stated 9% peak from the first quarter of FY2023.
A tool with the name "Transparent Blockchain to make its calculations" had been used, stated that bank. The Federal Financial Monitoring Service developed the tool in order to fight crypto-powered money laundering.
The report recommends that Russians remain eager on higher-cap cryptos like Bitcoin and Ethereum. They also seem to be using stablecoins pegged to USD, such as USDT and USDC.
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