• Russia-Ukraine conflict causes increased exchange of local currency for cryptos.
• Crypto companies in the UAE indicate that Russian investors also favor real estate.
Crypto companies in the UAE are seeing a significant influx of Russian investors looking to exchange their local currency for cryptocurrencies due to the ruble’s collapse. Russia is leading a conflict over Ukrainian territory, leading to sanctions and other economic problems for its citizens. Several companies operating in Russia have cut ties with the Putin government, which has caused the ruble to lose over 50 percent of its value.
According to Reuters, a research agency, investors in Russia want to protect their wealth by buying stocks, real estate, and even cryptocurrencies in Dubai. Some companies have exchanged their cryptos for US dollars, keeping the funds in foreign accounts because of the conflict’s effect on the decentralized market.
Companies in Russia look to save their funds using crypto
Russians have contacted Dubai crypto companies to exchange their funds for decentralized tokens. Companies in the US admit that crypto transactions from Russia have doubled or even tripled since the conflict between the country and Ukraine began. Russian investors have been very interested in cryptos, considering that a ruble today equals less than 8 cents of a dollar.
Crypto companies in Dubai have also received requests to exchange cryptocurrencies for fiat currency in foreign accounts.
Crypto companies in Dubai saturated by Russian requests
Almost a month after the onset of the Russian invasion, Dubai crypto companies are bombarded with requests from Russian citizens. Even Belarusian investors have attempted to exchange their local currency for cryptos or vice versa.
They have also chosen to invest their money in properties in Dubai. Anything defined as stock or investment appears feasible for Russian traders within the Arab country. While the crypto companies try to keep up with the surge of requests from Russia, Ukraine, and neighboring countries, cryptocurrencies continue in a downward trend today.
Bitcoin, the cryptocurrency with the largest capitalization in the market, is trading at $38,000, a price it has maintained for at least one consecutive week. As the Russia-Ukraine issue progresses, the decentralized market will likely continue to feel its effects.