Kremlin Worries as Russians Flock to Crypto Amid Geopolitical Tensions

The Russian Central Bank has flagged a sharp rise in crypto-related activity among its citizens. According to their latest financial stability report, web traffic on major crypto sites increased by 16.4% from Q4 2023 to Q1 2024.

Russians made over 104 million visits to these platforms, with unique IP addresses rising by 15.1%. Notably, 7% of all traffic on major international crypto exchanges originates from Russia, slightly down from a 9% peak last year.

The report also highlighted the risks of holding crypto in Russia, especially amid growing geopolitical tensions. The bank warned of potential sanctions from Western countries that could block access to funds held in stablecoins like USDT and USDC.