Crypto Live News

Russia Eases Currency Restrictions, Demand For Hardware Crypto Wallets Falls

Written by: Qadir AK

Written by right arrow

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

  • author facebook
  • author twitter
  • linkedin

Sep 16, 2022

news-image

In the spring of 2022, many Russians resorted to having a cold storage device for their crypto assets, following the country’s decision to invade Ukraine. Various currency restrictions were imposed by the Central Bank of Russia. The hardware cryptocurrency wallets market saw an explosive demand after Moscow’s decision to carry forward a military intervention in neighbouring Ukraine.

However, after the Central Bank of Russia eased restrictions on cross-border currency transfer, the retailers selling those hardware cryptocurrency wallets in Russia have now overstocked. The sale of hardware wallets on the Ozon and Wildberries marketplaces dropped to half, i.e. below 8 million rubles (less than $135,000) in August, after reaching a record high of 16.5 million rubles in May (over $275,000).

Back to top button