Moscow Exchange Sanctions Driving Russians to USDT – Survey
Western Moscow Exchange sanctions look set to drive up Russian interest in cryptoassets such as USDT, a survey of traders and investors has found.
Per the Russian media outlet RBC, 20% of the respondents said they “were ready to convert at least transfer part of their savings” to crypto.
The Moscow Exchange is halting trading in US dollars and the euro after the US unveiled a raft of measures designed to further impede the Kremlin’s war in Ukraine https://t.co/g3okt8WfMH
— Bloomberg Economics (@economics) June 12, 2024
The survey asked some 10,000 subscribers to four major Russian-language crypto and investment Telegram channels for their thoughts on the effects of the sanctions.
The latest raft of sanctions, unveiled in the West a week ago, forced the Moscow Exchange to respond with the immediate suspension of trading in dollars and euros.
But, as has been the case in Argentina, financial issues have led to a spike in USD-pegged stablecoin interest.
The media outlet noted that the Russian market considers “the USDT stablecoin to be an analog of the dollar.”
The sanctions targeted both the Moscow Exchange and the exchange-owned National Clearing Center.
The center is Russia’s largest foreign currency exchange transactions recording body.
The survey found that “the majority of participants” will “keep their savings in rubles and dollar banknotes,” with 40% saying they favored the ruble. Another 40% said they would turn to USD banknotes.
However, some 20% of respondents said that the “sanctions against the Moscow Exchange” would be a major “reason for them to purchase cryptocurrency with their savings.”
While initial reports of the sanctions appear to have spooked some Russian investors initially, fears appear to have been quelled.
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