Russians Moving Towards Cash and Bitcoin as Economy Sinks

Vandana  |  Apr 22, 2020

The whole global economy has been affected adversely due to the coronavirus pandemic. The reason is that some serious lockdowns have been imposed with strict restrictions across the world in most of the countries. Russia has also been majorly hit by the virus and it has been noticed that the Russians are now ditching traditional finance. The Russians are now moving towards cash and bitcoin due to this economic crisis.

There are some strict tax measures related to the bank withdrawal which has been imposed by the banking institutions of Russia. Due to this people are moving towards ATM withdrawals as it has been reported that in early March around one trillion Rubles were withdrawn.

Russian crypto exchanges started overflowing

Not only cash, Russian crypto market is also seeing a rapid surge. March has been a quite good month for the entire crypto market of the nation. Some of the crypto exchanges in Russia have seen a rapid increase and one has reported that there have been more than 225% increase in the monthly signups.

Through several reports it also came out that the different crypto exchanges across the nation has seen an increase of more than 5%. Such kind of growing interest in crypto market and particularly cash and bitcoin indicates that the nation is preparing to meet the worst situations.

Crypto market seeing a massive surge worldwide

It is not only the case with the Russians as the interest in the crypto market is growing rapidly across the world amid this crisis. Five global crypto exchanges including Kraken and other leading ones have seen rapid growth in new signups.

Several countries across the world are trying out different measures to deal with this huge global crisis. Amid all of this, it quite clear that people have started moving away from the centralized financial system as crypto markets are seeing a rapid surge.

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