🇷🇺 Russia Emerges as a Major Crypto Adopter Amid Sanctions and Economic Shifts
#cryptobyregion #cryptoadoption
Russia has seen significant grassroots and institutional adoption of crypto, driven largely by geopolitical and economic factors:
📊 Key Adoption Metrics
User numbers
Around 12–17 million Russians reportedly own crypto—roughly 9–12% of the population triple-a.io+14support.bitrue.com+14chainalysis.com+14
Some estimates suggest 13 million Russians (~9% of the population) have performed crypto operations, with about 1 million doing so daily jamestown.org.
Activity and infrastructure
Russia ranks among Eastern Europe’s largest crypto markets, receiving over $182 billion in on-chain inflows across one year (Jul ’23–Jun ’24), ranking second only to Ukraine support.bitrue.com.
DeFi transaction volume in Russia grew ~174% year‑on‑year, with ~$58 billion flowing through decentralized platforms coinlaw.io+3cryptonews.com+3triple-a.io+3
Driver
Sanctions and banking restrictions have made crypto a workaround for international transfers and savings en.wikipedia.org+3support.bitrue.com+3patentpc.com+3.
Cheap electricity has fueled large-scale mining; officially sanctioned and underground operations are common patentpc.com+1trmlabs.com+1.
⭐ Adoption Profile
Grassroots: Everyday users are adopting crypto for savings, remittances, and DeFi, with retail DeFi transactions surging trmlabs.com+5chainalysis.com+5cryptonews.com+5.
Institutional & Mining: Large-scale corporate mining and institutional transactions account for rapid on-chain growth .
Regulatory evolution: As of July 2024, Russia legalized mining and crypto trading for international trade, though domestic use with rubles remains banned en.wikipedia.org.
✅ Summary
Yes—Russia has a large and growing crypto user base and ecosystem. Adoption includes both retail and institutional participation, DeFi growth, mining, and significant transaction volumes, often motivated by sanctions and economic challenges.
