According to Alexei Guznov, head of the Moscow division of the Russian Central Bank, fewer Russians are trading crypto than before. Guznov said that “the number of clients trading digital currencies in Russia is falling” during a recent meeting of the Association of Crypto Industry and Internet Financial Assets. He also noted that the decline in interest could be attributed to “the lack of clarity in the regulatory environment.”
The Russian government has taken a hard line against digital currencies, refusing to recognize them as legal tender and trying to limit their usage. The Central Bank has thus far been successful in deterring the majority of Russians from engaging in crypto trading, and it seems that trend is continuing. With such a hostile environment, it is no surprise that the number of Russians who are trading crypto is in decline.