The Russian Central Bank has recently published a financial stability report from the fourth quarter of Financial Year 2023 to the first quarter of FY2024.
The report highlighted a 16.4% rise in web traffic to major cryptocurrency platforms compared to the previous two quarters. Russians made 104.6 million visits to crypto exchanges and peer-to-peer (P2P) trading sites during this period.
Average monthly number of unique Russian IP addresses accessing these platforms also increased 15.1%.
This means that 7% of all the traffic on these major overseas crypto exchanges originates from Russia, the bank added.
Still, the traffic remains below the 9% peak observed in the first quarter of FY2023.
The report also indicates that Russians continue to favour high-cap cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), along with USD-pegged stablecoins such as USDT and USDC.
The total value of transactions potentially attributable to Russians exceeded $50.2 billion, encompassing crypto trades, P2P payments, remittances, and payments for goods and services.
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