Sanctions against Russia and the Russians to cryptocurrencies turned it.
Fearing an asset freeze, Russians are using cryptocurrencies to get money out of the country, according to Reuters’ special report.
Wealthy Russians are buying property in Dubai with their assets, which they extrude as cryptocurrencies.
Relying on some company executives and financial sources, Reuters stated that the Russians are looking for a safe haven for their wealth, and as a result, cryptocurrency firms in the United Arab Emirates receive billions of dollars in demand for cryptocurrency exchanges.
“Sources said some clients want to use cryptocurrency to invest in real estate in the UAE, while others want to use firms there to convert their crypto into regular currency and store it elsewhere.”
Lowest Figure $2 Billion
According to the report, a crypto firm has received multiple requests from Swiss brokers to exchange billions of dollars in Bitcoin over the past 10 days. It was stated that the minimum figure in the requests to the crypto firm was $ 2 billion.
Speaking to Reuters, an executive noted that the number of large Bitcoin liquidation requests they receive once a month has skyrocketed.
“We’ve had five or six requests in the past two weeks. None have happened yet. It’s not uncommon, but we’ve never had this much attention.
There’s a guy – I don’t know who he is, but he came through a broker – and he said, “We want to sell 125,000 bitcoins.” I said ‘what? That’s $6 billion,’ I said, and ‘yes, we’re going to send it to a company in Australia’. they said.”
The UAE’s statement that it will not take sides in the tension between Moscow and the USA was considered a signal for the Russians.
Many wealthy people who wanted to use it flocked to crypto companies in the UAE and Dubai.
Speaking to Reuters, a real estate broker said; “We have seen a lot of Russians and even Belarusians come to Dubai and bring whatever they can, in cryptocurrency.”