Russia is among the world’s most active participants of the cryptocurrency market, according to its central bank.
The Bank of Russia published a review on its financial stability, highlighting the country’s growing role in the $2.8 trillion market.
Quoting estimations reported by major local banks in July 2021, the Bank of Russia suggested that the total annual volumes of crypto transactions of the Russian population amount to $5 billion.
It is unclear whether the Bank of Russia has converted these estimations as the price of Bitcoin has almost doubled since July, surging from around $30,000 to over $60,000 in November.
The Bank of Russia also noted that the Russian Federation is among the global leaders in terms of visits to the Binance cryptocurrency exchange. According to data Russia is the second biggest in terms of total traffic on Binance just after Turkey.
The Russian central bank also noted that Russia is one of the world’s largest Bitcoin mining countries, ranking third in terms of national hash rates.
