The world is highly criticizing the actions of Russia, but the crypto industry is among the most impacting sectors for the nation. As per the data by Blockchain-analysis firm, Russian-dominated crypto trading on major exchanges has stalled, debunking claims that the nation would use digital assets to evade imposed sanctions.
Last week, when the crypto community was dancing in joy with Bitcoin surging by 15%, some industry influencers linked it with the Russian buying crypto in the face of heavy economic sanctions. However, the numbers and facts are clearly failing the theory.
Data by Chainalysis shows that the ruble-dominated crypto trading volume was sitting at $34.1 million on March 3, which is approximately half of a recent peak of $70.7 million on February 24.
While talking with Bloomberg, Alexander Saunders, an analyst at Citigroup, said:
“Russian volumes have been relatively small so far, suggesting that the price action is more due to investors positioning for an expected uptick in demand from Russia, rather than Russian demand itself.”
Despite the fact that experts dismiss the idea that crypto may be used to help Russia avoid economic sanctions, the US and the EU continue to tighten their regulatory oversight over digital assets.
New York takes strict actions against Russian banks
New York recently enhanced its blockchain monitoring capability to further restrict the usage of cryptocurrencies or digital assets to assist Russian interests.
On February 27, New York Governor Kathy Hochul signed an executive order instructing state agencies to withdraw from Russian institutions and enterprises, as well as entities that support them.
“We will use our technological assets to protect our people and show Russia that we will hold them accountable,” she added. “New York is proudly home to the nation’s largest Ukrainian population, and we will use our technological capabilities to show Russia that we will hold them accountable.”