The volume of deposits of Russians grew almost 5 times in the first half of 2020

CONTENT

  • Russians began to invest more often in crypto deposits

  • KYC has a positive effect on the adoption of cryptocurrencies in Russia

  • The adoption of the law will not affect the attraction of investments to the country

SABE 2020 Thinking Room 5 | DRAWING NARRATIVES & ARCHITECTURAL STORYTELLING | CJ Lim

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This was stated by analysts of the CEX.IO cryptocurrency exchange. As a result of the company’s work in the first half of 2020, the number of users of digital currencies increased to record levels.

Pandemic contributes to the expansion of the crypto market

Despite the coronavirus pandemic and the economic crisis that followed, cryptocurrency trading continues to strengthen its position among Russian traders. So, in the period from January to June, the amount of monthly deposits of CEX.IO users from Russia increased almost 5 times. At the same time, the peak fell in March, at the beginning of the pandemic..

The turnover for all currency pairs also showed growth: having survived a short-term fall in June, it continued to increase, almost 5 times compared to January, and again approached the May peak. At the same time, the share of the ruble in the total turnover becomes more significant. So, in the week from August 3 to August 9, the BTC / RUB pair became the third in terms of daily turnover on the exchange, losing only to the BTC / USD and ETH / USD pairs..

“Bitcoin remains the most traded coin. Throughout the pandemic, from February to the end of May, its turnover grew steadily. Over the past 2 years, the share of CEX.IO clients with at least 1 operation on the platform with BTC has increased from 50% to 83%. Ethereum is in second place, ”the company explained..

Altcoins are still enjoying a lot of interest. The main reason is the high volatility of coins and the desire of speculators to make money on rate jumps..

“Investing in cryptocurrencies gives people the opportunity to diversify their assets and realize a significant return on investment in a relatively short time. It is for this reason that we are seeing an upswing in cryptocurrency-related businesses. Cryptoeconomics is also feeling the impact of the global crisis, but not as strong and not as obvious as traditional economics. At the moment, in many countries, the availability of banking services for the population is still at a very low level. Cryptocurrency services that work with loans and deposits cover this need, ”explained Dmitry Volkov, CTO of the crypto exchange..

KYC plays an important role in the development of crypto exchanges in Russia

The volume of deposits of Russians grew almost 5 times in the first half of 2020

Also, one of the factors that influences the development of the cryptoindustry in Russia is the mandatory KYC procedure, which allows users to be identified..

“Reliability, reputation, legal and regulatory integrity are key factors in choosing a trading platform. The KYC procedure helps to ensure such cleanliness and responsibility of the business to the client, ”explained Dmitry Volkov.

Statistics show an increase in KYC indicators – in July, users apply for verification by 30% more actively than last month, and 4 times more actively than in January 2020. Platform users have several levels of verification available, which allow them to increase limits and add transfer methods.

The growing popularity of cryptocurrencies in Russia was facilitated by the adoption of the law “On digital financial assets”. According to the document, transactions with digital currencies are recognized as legal, but crypto coins cannot act as a means of payment.

Russian officials hope that the adoption of the law will help attract investors to the country. However, the head of RACIB Yuri Pripachkin admitted that the law on CFA will not help much to attract foreign investment, since international platforms are used to working with open blockchain networks..

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The volume of deposits of Russians grew almost 5 times in the first half of 2020
The volume of deposits of Russians grew almost 5 times in the first half of 2020

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The volume of deposits of Russians grew almost 5 times in the first half of 2020
The volume of deposits of Russians grew almost 5 times in the first half of 2020

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