According to data from CryptoCompare, ruble-denominated crypto trading volumes reached 111.4 billion rubles in March, much higher than in earlier months.
Meanwhile, Cambridge University figures show the country is a powerhouse in the field of crypto mining. In August 2021, Russia accounted for about 11 per cent of the global processing power used for minting new units of bitcoin, according to the Cambridge Centre for Alternative Finance, making it the third-biggest mining hub behind Kazakhstan.
The Russian government has a “love-hate relationship” with digital assets, Hayter said.