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Research: Demand for cryptocurrencies in Russia fell by 35% in a year

In Russia, there is a decline in interest in services that provide access to digital assets. According to a study conducted by Yota, demand fell by 35% over the year.

Increased interest in cryptocurrencies in the country was recorded last year, and there was a short-term spike in traffic in March 2022. An analysis of aggregated data this spring showed that traffic associated with such requests decreased by more than a third compared to the same period in 2022.<br

Analysts explain that the main audience with an interest in cryptocurrencies – young people between the ages of 21 and 35 – is losing interest in digital assets. Last year, this audience accounted for 61% of total traffic. However, in 2023 the share of such users decreased by 10%.

On the other hand, the older generation, which has a more conservative attitude toward new technologies, is starting to pay attention to digital assets. The 50+ age group saw the biggest increase in traffic share, although the absolute number is still not very high.

Russian authorities are now drafting laws aimed at stricter regulation of crypto-assets. Earlier, Anatoly Aksakov, chairman of the State Duma Committee on Financial Markets, said that the adoption of laws on mining in Russia was postponed until consideration of the bills on administrative and criminal liability in the field of mining and cryptocurrencies;

Ivan Chebeskov, head of the Financial Policy Department of the Russian Finance Ministry, recently advised Russians with an average income not to switch to cryptocurrencies.<br