Cryptocurrency trading volumes are falling on major Russian exchanges. Recent discussions have addressed the fact that Russians may be using crypto to evade sanctions, but so far this does not seem to be the case.
Days after a surge in cryptocurrency volumes in Russia, these volumes have now plummeted on several major exchanges. The new data shows that the use of crypto among Russians is not significant. Chainalysis also reported that usage is not unusual.
Chainalysis reported that cryptocurrency trading in rubles was $34.1 million on March 3, a significant drop since the daily record of over $150 million in 2021. This casts some doubt on the narrative that cryptocurrency has become a safe haven for sanction-affected Russians.
There is not enough capital moving to come to the conclusion that the crypto market is experiencing a meaningful impact as a result of the sanctions against Russia. However, it is early, that is, when the sanctions begin to fully penetrate the Russian economy, a change may occur.
Currently, there doesn’t seem to be much concern about the use of digital currencies in Russia. Western officials, on the other hand, are concerned about this, as it is the use of crypto to evade sanctions.
Cryptocurrencies have become a major issue in the current ongoing conflict in Europe. Uniswap has added a donation feature to Ukraine, which has been praised by the country’s authorities. Many trading platforms are taking similar steps to aid the effort.
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