😠 Central Bank of Russia 🇷🇺 vs. P2P Crypto Exchanges: Who Will Win ⁉️

😠 Central Bank of Russia 🇷🇺 vs. P2P Crypto Exchanges: Who Will Win ⁉️
The Central Bank of Russia reports that P2P cryptocurrency trading volumes have dropped by 2.8 times compared to 2023. Yet, the number of Russians accessing international platforms continues to grow.

➡️ Context: The cryptocurrency market in Russia remains unregulated and highly fragmented, with numerous “shadow players” leveraging cryptocurrencies for cross-border transfers. In June 2023, Russian traders were estimated to process transactions worth $296 million USD daily.

➡️ Current Reality: Tackling these practices remains a top priority for authorities. Despite this, cryptocurrency flows have increased by 18% compared to 2023. Between January and October 2024, Russians conducted transactions worth approximately $44.8 billion USD, while traffic from Russian IPs to international platforms grew by 56.5%, reaching 166.9 million visits.

➡️ Russian Wallet Preferences:
🔴Bitcoin (BTC): 69%
🔴Ethereum (ETH): 21%
🔴CBDC: 10%

➡️ Downward Trend: In Q3 2024, cryptocurrency balances fell by 16% compared to March. Authorities consider this decline a significant achievement in combating illicit activities such as money laundering and operations involving "financial mules."

➡️ Looking Ahead: Russian traders are hopeful for a potential relaxation of monetary and crypto policies in the U.S. 🇺🇸. Additionally, growing interest in memecoins could revive the market and enhance its appeal.

#news #Russia #crypto

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