Russians hide money in crypto from Western sanctions. After the currency operations ban in Russia locals began massively using crypto to withdraw their money abroad.
“Today you can exchange millions of cash dollars and rubles for a crypto, take it to any country on a flash drive and exchange it back for local or freely convertible currency”, – Indefibank CEO Sergey Mendeleev told ForkLog.
He says that stable coins now are the most popular instrument for those Russians, who want to withdraw their money abroad. For instance, USDT can be bought for rubles without restrictions and 12% of commissions, and then immediately withdrawn into dollars and euros.
Mendeleev claims an unprecedented boom in cryptocurrency exchangers, especially in Moscow. According to him, the turnover of these exchangers has increased at least five times. Average earnings on transactions increased from 0.1% to at least 1%.
“I receive dozens of applications from very wealthy people with a request to either convert their ruble savings into currency or make a “rearrangement” abroad through cryptocurrencies. Many of them have lost their usual ties due to the departure of old counterparties abroad”, – Indefibank CEO says.
The move shows Coinbase’s effort to defend itself against claims that Russia could avoid sanctions with crypto.