Russian Central Bank Assesses Cryptocurrency Transactions at 4.5 Trillion Rubles

In the fourth quarter of 2023 and the first quarter of 2024, the cryptocurrency turnover attributed to Russians, involving four crypto assets (Bitcoin, Ethereum, USDT, and USDC), reached 4.5 trillion rubles ($50.3 billion), according to a recent report by the Bank of Russia.

This figure represents a 15.6% increase compared to the second and third quarters of 2023.

Amid rising digital asset prices during the period under review, the regulator observed increased activity among Russians in the crypto market—their share of exchange traffic rose by 16.4%, reaching 104.6 million visits. Simultaneously, the average monthly number of unique users on major trading platforms grew by 15.1%.

The Bank of Russia noted a redistribution of Russian traffic among different exchanges. On Binance, which announced its exit from Russia, traffic decreased from 47% in the third quarter of 2023 to 16% in the first quarter of 2024.

The regulator reiterated the risks of cryptocurrencies for citizens, including volatility, potential sanctions, and the possible loss of access to funds if stablecoin issuers block them.

Previously, the Bank of Russia urged financial institutions to minimize involvement in activities related to digital currency turnover and to refrain from advertising such services. Commercial banks were advised to identify cryptocurrency purchase and sale transactions conducted through accounts of front persons.

Earlier, the Bank of Russia estimated the cryptocurrency turnover attributed to Russians at 4.78 trillion rubles ($54 billion) for the year 2023.