Ukraine and Russia Although the war between the two countries seems to have affected Ukraine the most, the effect on Russia is not insignificant. Looking at the data from various blockchain analysis companies, it is seen how much the influence of citizens in Russia in the cryptocurrency sector has decreased. This refutes the claims that the country will turn to cryptocurrencies to circumvent sanctions, at least for the time being.
“BTC Didn’t Rise Thanks to Russia!”
Leading cryptocurrency Bitcoin (BTC) when it gained 15% last week, some industry experts attributed it to Russia. While it is stated that Russian oligarchs actually provide this rise by buying crypto money, it is claimed that this theory is not realistic.
According to the information provided by Chainalysis, the trading volume of cryptocurrencies with trading pairs with the Ruble decreased to 34.1 million dollars on March 3. This amount was 70.7 million dollars on February 24.
Speaking to Bloomberg, Citigroup analyst Alexander Saunders reminded that the volume of crypto money in Russia is very, very low in his statement on the subject. The expert emphasized that the price is not due to Russia for this reason, but thanks to the investors’ expectations for an increase, and this can be seen as a general increase.
Although it is known that cryptocurrencies can be used for sanctions imposed by the USA and the EU, it is not yet known whether Russia has taken any steps in this regard. Famous lawyer and experienced name in the crypto money industry Jake Chervinsky He also stated that Russia will not use cryptocurrencies to evade sanctions.
1/ Russia can’t & won’t use crypto to evade sanctions.
Concerns about crypto’s use for sanctions evasion are totally unfounded. They fundamentally misunderstand:
– how sanctions work
– how crypto markets work
– how Putin is actually trying to mitigate sanctionsI’ll explain 🧵
— Jake Chervinsky (@jchervinsky) March 1, 2022