Demand for hardware wallets in Russia halves in three months

Sales volumes fell from 16,5 million RUB in May to 8 million RUB in August 2022

13.09.2022 - 08:05

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What’s new? Russian users’ interest in hardware (cold) cryptocurrency wallets has decreased significantly, and retailers have recorded reducing sales volumes by half: from a record 16,5 million Russian rubles (RUB) in May to less than 8 million RUB in August this year. This was reported by Kommersant.

News on the Kommersant website

What other information has been released? According to journalists, there is an oversupply of hardware devices for cryptocurrency storage on the market, and retailers are trying to stimulate sales by lowering prices. This situation arose because of the explosive demand for wallets in the spring of 2022 when the Bank of Russia imposed restrictions on the transfer of foreign currency. According to an Ozon representative, demand for wallets peaked in April and May and stabilized in June. M.Video—Eldorado reported peak sales in March and Citylink — in July 2022.

Sergey Kharinov, the managing partner of hardware wallet manufacturer Tangem AG, also noted a gradual decrease in demand. According to him, this is due to the systematic easing of restrictions on cross-border currency transfers by the Bank of Russia. In addition, Kharinov believes that those users who wanted to withdraw their assets abroad with cryptocurrency have already done so.

To find out what crypto wallets s are and what to look for when choosing a device, program, or platform to store digital assets, see GetBlock Magazine’s article.

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