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Russian Crypto Trading Falls Even as Doubts Persist on Sanctions

  • Exchange-based data show ruble-denominated trading is dropping
  • Lagarde says Russians are still trying to bypass sanctions
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Cryptocurrency trading conducted in rubles on exchanges appears to continue to decline while regulators remain adamant that digital assets are being used by Russians to evade sanctions. 

As of March 18, ruble-denominated crypto trading volume had dropped by more than half from a recent peak at roughly $70 million on March 7, according to data from blockchain-analytic firm Chainalysis. At around $7.4 million, the ruble trading volume only counts as a fraction of volume globally. Bitcoin’s daily total volume averages between $20 billion to $40 billion.