• Adidas
  • Adobe
  • AliExpress
  • Amazon
  • AMD
  • Android
  • Apple
  • Batman
  • Bitcoin
  • ChatGPT
  • Chocolate
  • CorelDRAW
  • Cyberpunk
  • Disney
  • Elden Ring
  • Entertainment
  • Exercises
  • Facebook
  • Gaming
  • Google
  • HBO
  • Health
  • Hogwarts Legacy
  • How to
  • How to grow your children
  • Huawei
  • Instagram
  • Internet
  • iOS
  • iPhone
  • Lamborghini
  • Lenovo
  • Linux
  • Marijuana
  • Marvel Cinematic Universe
  • Mediatek
  • Mercedes
  • Metaverse
  • Mexico
  • Microsoft
  • MIUI
  • Motorola
  • Movies
  • Movistar
  • Naruto
  • Netflix
  • NFT
  • Nintendo
  • Nissan
  • OnePlus
  • Photoshop
  • PlayStation
  • Pokemon
  • Pregnancy
  • PUBG
  • Redmi
  • Russia
  • Samsung
  • Series
  • Smart Home
  • Smartwatch
  • Sony
  • Space
  • Technology
  • Terms And Conditions
  • TikTok
  • Toyota
  • Trailer
  • Twitter
  • Uber
  • Uncharted
  • Volkswagen
  • Walmart
  • WhatsApp
  • Wi-Fi
  • Will Smith
  • WordPress
  • Write for us
  • Xbox
  • YouTube
  • Windows
Facebook Twitter Instagram
Facebook Twitter Instagram
Bullfrag Bullfrag
Subscribe
  • Entertainment
    • Fashion
    • Lifestyle
      • Home Decor
  • Gaming
  • Health
  • News
    • Business
      • Marketing
    • Cryptocurrency
    • Sports
  • Recipes
  • Technology
    • Science
    • Automobiles
    • Internet
    • Software
Bullfrag Bullfrag
Home»News»Cryptocurrency»Use of Stablecoins in Russia Increased After Ukraine Invasion, Report Reveals

Use of Stablecoins in Russia Increased After Ukraine Invasion, Report Reveals

MatthewBy MatthewOctober 13, 2022No Comments4 Mins Read
Use of Stablecoins in Russia Increased After Ukraine Invasion, Report Reveals
Share
Facebook Twitter LinkedIn Pinterest Email

The use of stablecoins in Russia has increased since the start of the war, due in part to Russian citizens seeking to protect their assets.

A new report from the blockchain analytics company Chainalysis has shown an increase in the use of stablecoins in Russia following the Russian invasion of Ukraine, which has since seen how sanctions and inflation have affected the country..

Released on October 12, the report revealed that the share of stablecoin transaction volume in primarily Russian services increased from 42% in January to 67% in March following the invasion and has continued to rise since then.

  • Coinsquare becomes the first Canadian crypto exchange to receive IIROC registration

An anonymous regional money laundering expert who spoke with Chainalysis suggested that Russia’s removal from the SWIFT cross-border system is likely to show how cryptocurrencies are used for cross-border transactionsand stablecoins are probably the preferred medium of exchange due to their price stability.

Use of Stablecoins in Russia Increased After Ukraine Invasion, Report Reveals
Share of transaction volume in predominantly Russian cryptocurrency services by asset type, from July 2021 to August 2022. Source: Chainalysis.

The report also suggests that Part of the surge in stablecoin usage is likely due to ordinary Russian citizens exchanging the ruble for stablecoins to protect the value of their assets, amid high levels of inflation since the war began..

“While part of this may be due to companies adopting cryptocurrencies for international transactions, it is also likely that part of the increase is due to Russian citizens exchanging their money for stablecoins to protect the value of their assets, as we have already seen. commented”says the report.

  • nxyz raises $40 million to enable faster blockchain indexing

Meanwhile, Chainalysis also noted that Eastern Europe had the highest proportion of risky cryptocurrency activity compared to any other region worldwide over the past year.

18.2% of cryptocurrency activity in the region is “risky” or “illicit”; East Asia is the next region, with 15%; and sub-Saharan Africa is the third; although the latter had by far the highest proportion of illicit activity related to cryptocurrencies.

Read:  Tang, Clight or Zuko? Nutritionist reveals the healthiest drink

The firm defined risky activity as any transaction involving an address associated with a risky entity, such as exchanges with low or no know-your-customer (KYC) requirements.. For its part, illicit activity is defined as transactions associated with a known criminal entity.

Use of Stablecoins in Russia Increased After Ukraine Invasion, Report Reveals
Share of risky and illicit cryptocurrency activity for different regions from July 2021 to June 2022. Source: Chainalysis.

Recent events related to cryptocurrencies could further increase this figure. The European Union recently banned crypto payments from Russians to European wallet providers, which could lead more crypto users to use lesser-known exchanges without KYC requirements in order to avoid sanctions..

  • JPMorgan and Visa Partner for Cross-Border Blockchain Payments

The report notes that The use of cryptocurrencies to circumvent sanctions means that there needs to be more debate about improving the effectiveness of sanctions, but it also highlights the positive role that cryptocurrencies have played in facilitating donations to the Ukrainian cause, placing the current figure in more than USD 65 million.

In previous research, Chainalysis noted that the prevalence of Russian cybercriminals was driving significant ransomware and cryptocurrency-based money laundering activitypointing out:

“In particular, we have historically seen an exaggerated amount of ransomware and cryptocurrency-based money laundering in Eastern Europe, with the latter being supported by a large cryptocurrency venture business ecosystem.”

Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.

Keep reading:

  • Coinsquare becomes the first Canadian crypto exchange to receive IIROC registration
  • nxyz raises $40 million to enable faster blockchain indexing
  • JPMorgan and Visa Partner for Cross-Border Blockchain Payments
  • G20 Finance Leaders: Stablecoins Present Serious Regulatory Risks
  • Huobi co-founder says after Bitcoin and Ethereum “nothing new was created”
  • Some government rating down, luckily Bitcoin is backed only by math
  • STEPN to lay off 100 employees amid crypto bear market

Related Posts

Tremor in Colombia TODAY, September 30: magnitude, depth and official report from the SGC

September 30, 2023

X CEO embarrasses himself at a convention when he accidentally reveals that Elon Musk continues to make all the decisions

September 30, 2023

The curse: A24 reveals disturbing teaser trailer for the series with Emma Stone

September 30, 2023
Add A Comment

Leave a ReplyCancel reply

Zodiac Draw LIVE results for Sunday, October 1: winning numbers

October 1, 2023

Boyacá Lottery, Saturday, September 30: results and winning numbers

October 1, 2023

SEE Sinuano Noche Draw LIVE TODAY, September 30: results and winning numbers

October 1, 2023

10 tips to become the most hated boss

October 1, 2023
Facebook Twitter Instagram
  • Privacy Policy
  • Disclaimer
  • Terms And Conditions
  • Write for us
© 2023 Bullfrag. Designed by Bullfrag.

Type above and press Enter to search. Press Esc to cancel.