The Russian Central Bank has observed a significant increase in cryptocurrency transactions among its citizens, detailed in a financial stability report. Key findings from the report include:

- A 16.4% rise in web traffic from Russian users to major cryptocurrency platforms from Q4 FY2023 to Q1 FY2024.
- Russians made 104.6 million visits to crypto exchanges and peer-to-peer (P2P) sites, with a 15.1% increase in the average monthly number of unique Russian IP address holders visiting major exchanges.
- Russian traffic accounts for 7% of the total traffic on major overseas crypto exchanges, down from a peak of 9% in Q1 FY2023.
- Transactions involving Russians totaled over $50.2 billion, including trades, P2P payments, remittances, and payments for goods and services.
- Popular crypto assets among Russians include Bitcoin (BTC), Ethereum (ETH), and USD-pegged stablecoins like USDT and USDC.

The bank utilized the Transparent Blockchain tool to identify the true identities of crypto users, developed to combat crypto-powered money laundering.

The increase in transactions may partly be due to Binance's exit from the Russian market, which previously held almost half of Russia's crypto market. The bank warned of the risks associated with holding crypto, particularly stablecoins, amid rising tensions with the West. It advised Russian financial organizations to avoid offering or advertising crypto-related services, hinting at forthcoming regulations.