2023 Sees $52 Billion In Transactions Through Russian Cryptocurrency Exchanges - CryptoInfoNet

2023 Sees $52 Billion In Transactions Through Russian Cryptocurrency Exchanges – CryptoInfoNet

Time Stamp: April 2, 2024 11:58 PM
Source Node: 2533519

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Tim Alper

Last updated:

April 2, 2024 19:30 EDT

| 1 min read

Russian Crypto Exchange Transactions Worth $52B Last Year – Central Bank

Russian crypto exchange transactions totaled nearly $52 billion in the past year, according to a disclosure by the nation’s Central Bank.

The bank tracked over $51.67 billion in Bitcoin (BTC) and
Ethereum (ETH) exchange operations, which it believes were
likely connected to Russian nationals.

Despite these findings, the Central Bank estimates that a significant number of Russians do not transact on major crypto exchanges, hinting
that actual trading volumes may be higher.

Graph Of Bitcoin To Russian Ruble Exchange Rate Over Six Months.
Bitcoin price trends compared to the Russian ruble over the previous six months. (Source: Google Finance)

Does P2P Crypto Trading Eclipse Exchange Usage in Russia?

In the annual financial review by the Central Bank, it was stated:

“Our analysis suggests a potentially robust engagement of Russians in the cryptocurrency industry. By the close of the previous year, the volume of Bitcoin and Ethereum transactions on significant exchanges, which could be associated with Russian citizens, reached 4.78 trillion rubles.”

Nevertheless, this figure might not fully reflect the reality of the situation.

According to the bank’s analysis, the peer-to-peer (P2P) platform
has emerged as Russia’s foremost method for acquiring cryptocurrencies. The institution reported a surge in the average monthly P2P transaction
volumes among Russians by over 50%, as observed in the first half of the same year.

Approach of Russian Central Bank in Crypto Exchange Data Compilation

To gather exchange-related data, the bank utilizes the blockchain analysis tool Prograchniy Blockchain, which means “Transparent Blockchain.”

The tool, innovated by Rosfinmonitoring, the country’s anti-money laundering body, debuted in 2021, boasting the capability to track transactions of
citizens across several blockchain networks. As per a report by Kommersant in 2023, Rosfinmonitoring claims the tool’s accuracy is profound, even assisting in resolving a crypto-funded
contract murder case.

The tool equips government entities with transactional data about both the sender and receiver of digital asset transfers.

In June 2023, a Russian IT company reported that the daily value of cryptocurrency transactions on the country’s P2P market is almost $300 million.

Conversely, the Central Bank noted a decline in the number of Russians utilizing prominent international exchange platforms for cryptocurrency transactions,
as stated in a report in December of the prior year.

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