• February 27, 2024

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Black Crypto Market Activity Intensifies in Russia After Ban on Foreign Exchange Transactions

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After the Russian authorities banned all foreign exchange transactions, underground exchangers appeared in the country almost instantly, offering the purchase and sale of dollars and euros through cryptocurrencies. Sergey Mendeleev, CEO of Indefibank, has said.

According to him, a huge number of people are trying to withdraw funds outside Russia, and cryptocurrencies, especially stablecoins, have become an ideal tool for this. He has explained:

“Today, you can exchange millions of cash dollars and rubles for a crypt, take it to any country on a flash drive and exchange it back for local or freely convertible currency.”

According to him, there has also been a surge in foreign exchange transactions through cryptocurrencies. They work as follows: USDT is bought for rubles without restrictions and 12% of commissions, which is immediately withdrawn into dollars and euros.

He has explained:

“Even before the ban, the exchange rate profit was at least 10%, and now it even reaches a third of the amount. Specific mathematics – USDT can now be bought at 123 rubles, and cash dollars – at least 146. This is already 20%.”