According to a new report published by on-chain platform Chainalysis, there has been a significant increase in the use of high-risk cryptocurrencies since the beginning of the Russia-Ukraine war.
According to a new report published Oct. 12 by Chainalysis, Russia-Ukraine war Along with this, there has been a large increase in the use of crypto, which can be defined as high risk, in the region. Referring to the increase experienced especially on the Russian side, the report states that the volume on Russian crypto money service providers is the level in January. 42%from in March 67%He revealed that he had risen to .
chainalysis, Eastern EuropeHe noted the finding that last year had a greater share of high-risk crypto activity than any other region worldwide. According to the report, cryptocurrency activity in the region 18.2%either “risky” or “illegal” was recorded. East Asia 15% with second place and Sub-Saharan Africa ranks third.
The strongest reason for the increase in illegal crypto activity in the region of the European Union recently from Russian users’ wallets to European users’ crypto wallets prohibition of payments and transfers is thought to be. This situation is encouraging more crypto users to circumvent sanctions. KYC (Know Your Customer) encourages you to use lesser-known exchanges that don’t require it.
However, with the onset of the war, a rapid increase stablecoin usage is still on the rise.
The report, which connects the stablecoin increase to two main reasons, SWIFT He cited the exclusion of the Russian fiat currency from the system and the rapid depreciation of the Russian fiat currency as important reasons. Russian citizens prefer stablecoins for global payments and to protect their money from huge inflationary fluctuations. from rubles The report, which underlines that it attracts stablecoins, included the following statements:
While some of the stablecoin increase is due to businesses adopting cryptocurrency for international transactions, it is also likely that some of the increase is due to ordinary Russian citizens who trade stablecoins to protect the value of their assets, as we discussed earlier.
However, Russian citizens prefer to travel to countries where they can safely store and spend their cryptocurrencies. When the search for new places where Russian citizens can withdraw their crypto money is examined UAE and Turkey’s It is seen that they are preferred as reliable countries in the past and today. Also, as countries that can meet the growing demand for such services when the war begins. Kazakhistan and GeorgiaIt is reflected in the data where .