Russia’s Central Bank says there has been a drop in the number of citizens trading crypto – with citizens staying away from major overseas trading platforms.
Per RBC, the bank’s data shows Russians’ crypto activity “decreased in the second and third quarters of 2023.”
The bank said it had recorded a fall in Russian visits to “the websites of the world’s largest cryptocurrency trading platforms.”
The bank added that it had noticed a drop in “the volume of [Russian-owned] cryptocurrency flowing” on exchanges.
Furthermore, the bank said, Russians have now effectively turned their backs on centralized crypto exchanges (CEXs) in favor of the P2P and OTC markets.
Earlier this year, a crypto security provider claimed that some $296 million worth of P2P crypto trades are made available every day in Russia.
The bank said that P2P transactions are now Russians’ “main channel for acquiring cryptoassets.”
Additionally, the bank claimed the average monthly volume of Russian P2P crypto transactions had “increased by 53.9% compared to the same period last year.”
The bank said Russian credit institutions were “becoming better at identifying transactions related to P2P crypto trading.”Read more on cryptonews.com