Russia Ukraine War Increases Illegal Use Of Cryptocurrencies!

Blockchain analytics firm chainalysispublished new cryptocurrency In its report, Russia examined the impact of the Ukraine war on crypto.

Chainalysis since the start of the war between the two countries Eastern Europeexpressed as illegal and high risk in cryptocurrency increased its activity.

Stating that Eastern Europe is the fifth largest cryptocurrency market, with a value of $630.9 billion, according to data from July 2021 to June 2022, Chainalysis said that illegal cryptocurrency activities in Eastern Europe account for 18.2% of global crypto transactions.

“Some of the risky activities in Eastern Europe result from interactions with high-risk crypto exchanges, which typically do not require customers to submit know-your-customer (KYC) information.

Because Russian citizens started using lesser-known exchanges after the economic sanctions imposed on Russia and the restriction of their access to crypto services.

It was stated that the rate of stablecoin usage, which accounted for 42% of the transaction volume in Russian services in January, increased to 55% in February and 67% in March after the invasion.

“While some of this increase is due to businesses adopting cryptocurrency for international transactions, a significant portion of the increase is due to Russian citizens trading stablecoins to protect the value of their assets.”

Chainalysis is now high risk and illegal in Eastern Europe. cryptocurrency Although he said that his activities are increasing, he stated that illegal crypto activities in Eastern Europe are at the same level as North and Latin America.