September 21, 2023

Research: Demand for crypto wallets in Russia fell by 35% over the year

Article reading time:
1 min.

Research: Demand for crypto wallets in Russia fell by 35% over the year

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

The increased interest in crypto wallets in the country wasrecorded last year, and in March 2022 there was a short-term surge in traffic. In the spring of this year, analysis of aggregated data showed that the traffic associated with such requests decreased by more than a third compared to the same period in 2022.

Analysts explain that the main audience,those showing interest in cryptocurrencies - young people aged 21 to 35 - are 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, whichtreats new technologies more conservatively, begins to pay attention to digital assets. The 50+ age category showed the largest increase in the share of traffic, although the absolute number of such users is still not very large.

The Russian authorities are now developing lawsaimed 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 the consideration of bills on administrative and criminal liability in the field of mining and cryptocurrencies.

Recently, the head of the financial policy department of the Russian Ministry of Finance, Ivan Chebeskov, advised Russians with an average income not to switch to cryptocurrencies.