Crypto activity in Russia and Ukraine is escalating as fast and as high as the missiles fired at each other in the face of an ongoing war between the two countries.
New York-based blockchain analysis firm Chainalysis released a study on the highly increasing use of crypto – a large part them illicit in nature – in Eastern Europe in an excerpt from its upcoming 2022 Geography of Cryptocurrency Report.
The noticeable increase in activity among residents of the two countries started shortly after Russia invaded Ukraine in February.
As the war escalated, their economies began to suffer, pushing inflation upwards to suffocating levels.
Image: Vulcan Post
Russian Crypto Activity Focused On Stablecoins
According to data by Chainalysis, stablecoins appeared to be the go-to digital assets for Russians who are forced to endure economic sanctions imposed by various countries as form of condemnation to the invasion.
The analysis firm said stablecoin transaction volumes in Russia increased from...
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