Cryptocurrencies In Russia, cryptocurrencies continue despite sanctions – Bitcoin stores grow after attack

Trading cryptocurrencies continue in Russia despite sanctions.

Analytics company Kaikko’s data shows that the volume of Bitcoin trading in rubles rose to its highest level this year on Saturday, news media reports Bloomberg.

In general, most of the ruble-denominated cryptocurrency trading appears to have taken place on a Tether stablecoin, the value of which is said to be pegged to one dollar.

The average size of cryptocurrency broker Binance in Bitcoin trades in rubles rose on February 24, when Russia invaded Ukraine for a maximum of ten months, or about $ 580.

Development manager of a cryptocurrency company interviewed by Bloomberg Andrew Tu suspects that many small investors in Russia now want to exit the effects of fiat currencies for fear of sanctions.

Fiat currencies are legal currencies supported by governments, such as the dollar, euro or ruble.

While it is technically difficult to apply sanctions to owners of Tether-stablecoin, for example, many small investors are likely to have taken additional precautions, Tu estimates.

Only three cryptocurrency brokers offer ruble-denominated trading. These brokers are Binance, Yobit and Localbitcoins.

Of the intermediaries, at least Binance and Coinbase have stated that they do not prohibit ordinary Russians from trading.

However, there have been attempts to prevent sanctioned individuals and operators from trading.

Coinbase, for example, has said it has blocked more than 25,000 accounts related to sanctions.

It is estimatedthat cryptocurrencies would be used to circumvent sanctions against Russia.

Founder of the cryptocurrency broker Binance, a Canadian-Chinese billionaire Changpeng Zhaohas said that the cryptocurrency market is too small compared to the size of the Russian economy, says British media Guardian.

He also says cryptocurrencies are too easy to trace, and authorities around the world are already capable of tracing them.