Bank of Russia’s annual report reveals Russian nationals drove $51 billion into major crypto exchanges in 2023, primarily trading bitcoin and ether. Transactions flagged as high risk surged, including peer-to-peer deals and shadow business settlements. Bitcoin transactions fell 22.4% in Q1-Q2 2023 compared to 2022. Despite fluctuations, Russian holdings in exchanges dropped by 3.1%. Authorities are working on regulations after reports of $215 billion crypto holdings in 2022.
Bank of Russia: Russians Transacted $51 Billion in Crypto During 2023
