Russian Users Start Using Crypto to Evade Sanctions

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Interest in Bitcoin and other virtual currencies among Russians has increased significantly in February-March amid the limited access to foreign currencies.

As reported, Russian users rely on this type of tools to transfer funds abroad. According to sources, users do not only use Bitcoin, but also fiat-backed stablecoins, which somehow guarantee the price of their investments will remain unchanged despite market volatility.

The most popular coin is Tether (USDT). The trading volume of the asset on crypto exchanges has been increasing over the last two weeks. However, the activity of Russians is still lower than at the end of last year and in 2017.

The number of Russian users of Bitcoin services has doubled. Russian users started to massively switch to small platforms after Binance suspended the service of Visa and MasterCard cards issued in Russia.

The largest investment in BTC and stablecoins was recorded between March 5 and March 9.