According to a <a href="https://blog.chainalysis.com/reports/eastern-europe-cryptocurrency-geography-report-2022-preview">recent analysis,</a> Eastern Europe receives over 18% of all cryptocurrency from addresses linked to risky or illegal behavior, significantly higher than any other region. Both nations have seen a steady rise in bitcoin transfers as the news of Russia's invasion of Ukraine has dominated the region. Following its suspension from SWIFT, cryptocurrency may have helped finance Russia's international trade, according to renowned blockchain intelligence company Chainalysis.
<h2>Stablecoin Transaction Volume in Russia Rises</h2>
While it remains to be seen whether Russian oligarchs have begun utilizing cryptocurrency to circumvent sanctions, a professional thinks that some businesses in the nation have already started to carry out these transactions, notably since the Russian national bank legalized the use of cryptocurrency for cross-border payments. In a recent article, Chainalysis met with a local money laundering specialist who had previously worked with Eastern European financial intelligence units and several foreign organizations.

The expert noted that Iran and China might be viable trading partners in such a situation. Notably, the latter's Trade Ministry has authorized using cryptocurrencies in international trade.

Stablecoins may become the primary form of payment in Russia, reducing the price fluctuation of other cryptocurrencies like Bitcoin. Interestingly, Chainalysis discovered that since the start of the war, stablecoin usage has increased in Russia. 42% of the total transaction volume was made up of stablecoins, primarily for Russian services. Following the invasion, the numbers exploded, reaching 55% in February and 67% in March.
<h2>Crypto Trade in Ukraine vs Russia</h2>
Trade volume in Ukrainian hryvnias rose by a staggering 121% to $307 million. The trade volume in Russian rubles, on the other hand, increased 35% to $805 million after the war started in March. Interestingly, despite "ebbing and flowing during August," the volumes decreased shortly after and have not since risen to those highs.

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Stablecoin Usage in Russia Increased Post-Ukraine Invasion: Report

According to a recent analysis, Eastern Europe receives over 18% of all cryptocurrency from addresses linked to risky or illegal behavior, significantly higher than any other region.

Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Stablecoin Usage in Russia Increased Post-Ukraine Invasion: Report

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