Friday, October 7, 2022

Russian Cryptocurrency Volumes Dip By 50%

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Despite the increasing economy-wide sanctions against Russia, the number of cryptocurrency purchased with Rubles on a variety of major cryptocurrency exchanges is drastically reduced.

According to the data that blockchain-data aggregators, Russian financial institutions that collateralize crypto trading through major cryptocurrency exchanges is reducing dramatically. This disproves the notion that Russia is using crypto assets to evade sanctions.

This week, during which the Bitcoin price jumped over 15 percent, some crypto-experts suggested that the rise was due to Russians buying crypto assets in the wake of the increased economic sanctions.

Additionally, this theory is not entirely true because Chain analysis presented the data, showing the trading of cryptocurrency in rubles. The price plummeted down to $34.1 millions on Wednesday, which is 50% down from its peak of $70.7 million on the 24th of February.

Citigroup Analyst Comments On The Cryptocurrency Situation

In a statement, he discussed the issue of buying cryptos with a focus on sanctions to Bloomberg. Alexander Saunders-Citigroup analyst replied that trading volumes have been very low recently. However, the analyst also suggested an explanation that the PA is higher due to investors and traders who are preparing for an anticipated increase in demand from Russia rather than Russia requesting its own.

Also read “N.Sitharaman sees clear advantages in central bank driven digital currency”

In spite of the skepticism of pundits, cryptocurrency may be a crucial tool in helping Russia in the fight against sanctions. However, unfortunately, both the EU (European Union) as well as the United States are still spurring their regulatory evaluations of cryptocurrency.

Russian Cryptocurrency Volumes Across Several Exchanges Dip By 50%
Cryptocurrency market expected to soar | Source: Crypto Total Market Cap on TradingView.com

Recently, NY state has stepped up its blockchain monitoring capabilities in order to hinder the use of digital currency in support of Russian interests.

Governor Of New York Against Russian Collaborations With The State

On February 27, Kathy Hochul, the governor of New York, gave an executive order that instructed agencies to end any collaboration with Russian businesses and institutions, including bodies and institutions which provide assistance to them.

In her declaration, she emphasized the fact that New York is home to the nation’s biggest Ukrainian population. and will utilize all of its technological resources to safeguard her citizens, and thus demonstrating to Russia that they are accountable.

Cryptocurrency dip

A Blockchain Associations’ Head of Policy in the United States – Jake Chervinsky, said that their fears are “totally absurd. On the tweet he posted, twitter post, Chervinsky stated his view of the ongoing issue.

He said that Russia cannot and will not use cryptocurrency to get around economic sanctions. Chervinsky reiterated that people do not understand how sanctions work, the way that cryptocurrency markets function, how Putin is attempting to reduce sanctions, and so on.

Also Read “A Bitcoin Wallet Vs an Exchange?”

Ari Redbord, the Head of Government and Legal Relations for TRM Labs, also commented on the need to strengthen this view. He said that at the moment, it’s way too late for Russia to utilize cryptocurrency for its sanctions.

Additionally, He said that blockchains’ and cryptocurrencies their transparency will allow all people to watch transactions and identify people or entities who are seeking to manipulate sanctions.

Source: https://www.newsbtc.com/  and  Chart from TradingView.com

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