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Russians Plan to Enter the Crypto Market and Evade Restrictions

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Russians Plan to Enter the Crypto Market and Evade Restrictions

Bitcoin BTC/USD is sold ahead of today’s Jackson Hole symposium, as mentioned in yesterday’s market commentary. Meanwhile, according to a survey, almost a third of Russians are ready to buy cryptocurrency in the next six months, although there is currently no legal way to buy or sell crypto. -currencies in Russia.

Currency restrictions that were enforced by Russian authorities earlier this year due to the war in Ukraine, which hurt the Russian ruble, have accelerated the adoption of crypto in Russia.

Vassev, founder of the Terracrypto forum which hosts discussions on mining, decentralized finance and crypto legalization, said many Russians continue to transfer money out of Russia using stablecoins or bitcoins and to exchange it for fiat currency in countries like Georgia or the United Arab Emirates. Emirates.

Crypto adoption is also on the rise in South Africa, as the prudential authority the Reserve Bank of South Africa sent out guidelines that encourage banks not to cut all cryptocurrency ties.

Previously, unclear regulations led some South African banks to sever ties with crypto-asset service providers (CASPs), but recent guidance suggests that severing ties could lead to increased risk in the long run. This would limit the ability to combat money laundering and could pose a threat to overall financial integrity.

I think this is a very promising step in driving crypto adoption in a country where 10% of the population already owns cryptocurrency, according to Finder’s report released today.

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