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Post: Central Bank: Russians stopped buying cryptocurrencies using domestic cards


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Central Bank: Russians stopped buying crypto assets using domestic cards

MOSCOW, November 30 – RIA Novosti. The report notes that Russians stopped purchasing crypto assets using Russian bank cards, and the volume of such transactions fell to almost zero in the third quarter of this year. materials Bank of Russia.

“As a result of the discontinuation of the largest international payment systems and the reaction of foreign regulators to the service offered to Russian customers by crypto brokers, in the third quarter of 2023, Russians stopped purchasing crypto assets using Russian bank cards. Transactions dropped to almost zero,” the Central Bank document says.

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The regulator’s materials indicate that, according to the results of the second and third quarters of 2023, the activity of Russian users in the crypto-asset market has decreased: the number of visits to the websites of the largest cryptocurrency trading platforms and the volume of bitcoin flows to Russian users have decreased, which is predicted to decrease on crypto exchanges.

The Central Bank announced that the main channel for obtaining crypto assets is P2P transactions (transfer of funds between individuals). As credit institutions improve their approach to identifying P2P transfers related to the turnover of crypto assets, the average monthly volume of such transactions increased by 53.9% compared to the same period in the previous year.

The regulator notes that alternative platforms are currently being created where Russians can directly replenish their crypto exchange account balances and carry out P2P transactions using debit cards issued by Russian banks. “The Bank of Russia will monitor the relevant risks to the financial system and Russian citizens and, if necessary, take measures,” the documents stated.

Earlier in November, the head of the Bank of Russia, Elvira Nabiullina, said that the Central Bank was supporting the use of crypto and mining as part of an experiment in cross-border settlements.

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Source: Ria

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