Number of Russians Trading Crypto Is Falling, Says Central Bank


Number of Russians Trading Crypto Is Falling, Says Central Bank

According to a report from the Bank of Russia, the number of Russians trading cryptocurrencies is decreasing. The report, released on Thursday, cited figures from Russian custodians that showed that the number of individual active users, or investors, registered as of July 1 2020 was 472,500 — a decline of 5% from June.

The decrease is partially attributed to stricter regulation. In July, the Bank of Russia introduced new rules limiting acquisitions of cryptocurrency to amounts equivalent to 15,000 rubles (about $200) per month. The restrictions also ban the use of cryptocurrency to pay for goods or services and prevent it from being used as a form of investment.

The central bank’s report also noted that the number of digital currency custodians was also declining, from eight in June to six in July. The remaining custodians are reported to be Verdikt, Bank of Russia, Xsolla, Otkritie, Garantex, and Otkritie Broker.

Despite the decreases, the overall sentiment towards the crypto industry is reportedly positive. According to the report, the Bank of Russia is in favor of encouraging the development of digital asset infrastructure and said that the regulations in place had “established the necessary order in the activities of the participants in the Russian crypto industry.”