Cybersecurity company, Qrator Labs revealed that crypto exchange traffic in Russia increased by about 5.56% during the COVID-19 pandemic.
14 April, 2020 | AtoZ Markets – Bitcoin prices have been affected by the Coronavirus. But, reports show that many individuals are turning this crisis into an investment opportunity. Many economies have been affected by the social distancing measures that countries are forced to flatten the curve for COVID-19.
Crypto Exchange Related Searches Surge In Russia
According to data from the cybersecurity company Qrator Labs, Russians are increasingly engaging with crypto services amid the coronavirus epidemic. More specifically, crypto exchanges traffic in Russia increased by 5.56% in the last week of March 2020 compared to February averages, according to a study by Qrator Labs.
Qrator Labs has linked rising numbers to growing interest in the currency markets. Besides, the foreign exchange markets traffic in Russia also increased by about 3%, notes the report.
Qrator Labs have also alerted to a massive growth in denial of service (DDoS) attacks on cryptocurrency exchanges. According to the report, the number of DDoS attacks on crypto exchange platforms increased by 486% during the same period.
Unfortunately for Russian citizens, it seems that the country plans to ban the issuance and sale of cryptocurrencies completely. The head of the legal department of the Russian central bank, Alexey Guznov, said:
We believe that there are great risks in legalizing operations with cryptocurrencies, for financial stability, prevention of money laundering and consumer protection. We opposed to the fact that ‘there are institutions that organize the release of cryptocurrency and facilitate its circulation.
The head of the legal service informed that the upcoming bill would directly formulate a ban on the issue, the organization of the circulation of the cryptocurrency. It also introduces liability in case of violation of this ban. However, Guznov admitted that Russia would not be able to completely ban cryptocurrencies or the people who own them if they wanted to. The upcoming bill aims to clarify the regulation of digital assets as part of Russia’s digital economy strategy.
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