A number of Russia-based crypto exchanges revealed a significant rise in Bitcoin trading across Russia from March to May 2020, during the COVID-19 lockdown.
For example, according to EXMO report, activity on the exchange rosed of 15-20%. Apart from higher user registrations with crypto exchanges, there is also an increase in Bitcoin Futures trading activity.
Bitcoin Futures enables traders to speculate on the future Bitcoin price without owning the BTC itself.
United Traders analyst, Fedor Anaschenkov, believes that self-isolation from the pandemic coronavirus was one of the drivers that led to increased trading volumes.
As reported earlier, Russian lawmakers are seeking to criminalize the use of cryptocurrencies in the country. The Ministry of Economic Development in Russia has moved several bills in the State Duma, including an updated draft for digital financial assets.