Transaction volume of virtual currency 'Tether' and Russian ruble exceeds 4 billion yen in one day

After the value of the Russian ruble fell due to economic sanctions in each country, it became clear that the transaction volume of the virtual currencies Tether and the Russian ruble had skyrocketed.

Russians Are Buying More Crypto as Sanctions Set In, Data Shows

According to blockchain research firm Arcane Research, the volume of transactions between Tether and the Russian ruble on February 28, 2022 reached $ 34.94 million, 519% higher than the average transaction value in 2022. That.

The transaction volume of Bitcoin and the Russian ruble on the same day was 11.4 million dollars (about 1.3 billion yen), which is small compared to tether. Tether is a stablecoin that is linked to the US dollar and is less prone to price fluctuations, so it is believed that demand was higher than Bitcoin. 'Russian traders seem to be considering the risk of the dollar at this point,' said Vetle Lunde analyst at Arcane Research.

The transaction volume of Bitcoin and the Russian ruble increased by 46% all over the world, while it increased by 214% in Russia. In addition, the trading volume of Ukrainian hryvnia, Bitcoin and tether has skyrocketed, but it is not as active as the Russian market. However, it is also reported that the popularity of stablecoin tether is increasing in Ukraine due to restrictions on cash withdrawals and the suspension of the foreign exchange market.

Ukrainian Deputy Prime Minister Mikhail Fedorov is calling on crypto exchanges to suspend trading from within Russia, fearing that Russia will use cryptocurrencies to circumvent economic sanctions. However, major crypto exchanges around the world refused the request, claiming that 'the accounts of millions of innocent users cannot be unilaterally frozen because it goes against the raison d'etre of cryptocurrencies.' I am. Foreign media Vice believes this has contributed to the increase in trading volume in Russia, which has been sanctioned.

Tether Holding, which operates Tether, said, 'Like all customer accounts, Tether will continue to monitor the market to ensure that there are no irregular movements or measures that could violate international sanctions. We are doing so, 'he said, in cooperation with the requests of regulatory agencies and law enforcement agencies around the world, and will take measures such as asset freezes as much as possible in accordance with applicable laws.