Chainalysis recorded a 50% drop in the volume of ruble cryptotransactions

Chainalysis recorded a 50% drop in the volume of ruble cryptotransactions

Against the backdrop of worsening geopolitical tensions and the collapse of the ruble against the dollar and euro, many Russian investors rushed en masse into digital currencies.

The volume of ruble trades in cryptocurrencies had been increasing since late February. On March 7, the amount of transactions peaked at $70 million, according to the report of Chainalysis. However, then the investment of Russians in digital assets through the Russian currency began to fall. The average daily amount of transactions collapsed by more than 50%.

The report was published after a speech by Christine Lagarde, head of the European Central Bank, who pointed out the risks posed by digital currencies. According to her, such instruments are used by Russian citizens and companies to circumvent financial restrictions.

The Kaiko platform also saw an 86% drop in the RUB/USDT pair from $38 million on March 7 to $5 million on March 22. Now there is about the same activity as in early February, that is, before the imposition of sanctions.

It should be noted that many crypto-exchanges began to restrict services to Russian citizens. First of all, it concerns Russian users of exchanges, which appeared in the sanctions lists.

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Written by Renat
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