Russians turn to crypto to evade restrictions

Russians turn to crypto to evade restrictions
фото показано с : invezz.com

2022-8-27 13:54

Bitcoin (BTC/USD) is trading just above the $20k mark after another sell-off. This latest dip follows a broader market reaction to Federal Reserve Chairman Jerome Powell’s monetary policy remarks at Friday’s Jackson Hole economic forum. While anticipated, Powell’s confirmation at the symposium that the central bank would stick to its hawkish approach to inflation, plunged risk-on sentiment and saw Wall Street and crypto prices fall sharply.

With BTC at around $20,250 and as markets continue to digest the Fed Chair’s remarks, it remains to be seen if Bitcoin can keep the psychological support zone. If that breaks, more pain could involve a retest of mid-June price levels.

Russians turn to crypto amid currency restrictions

Even as crypto struggles through the bear market, adoption in Russia is picking momentum. It’s an observation from the perspective of more people turning to cryptocurrencies to try evade biting restrictions on foreign exchange. Indeed, a recent survey revealed that nearly a third of respondents said they were planning to buy crypto over the next six months.

Marcus Sotiriou, an analyst at UK-based digital assets firm GlobalBlock, says that crypto adoption in Russia is largely being catalysed by the currency restrictions imposed by Russian authorities.

The restrictions, enforced since early 2022 following Vladmir Putin’s invasion of Ukraine that attracted western sanctions, have hurt the ruble. And it’s these restrictions that are pushing more people towards crypto, he added in comments shared with Invezz via email.

This is “despite there being no legal way to buy or sell cryptocurrencies in Russia right now,” he noted, commenting on how difficult it is for those looking to use crypto to circumvent the restrictions.

However, while that is the case for many users, platforms that offer over-the-counter (OTC) crypto exchange services are reportedly providing an easy way to buy crypto with the local currency.

The assets are then liquidated for foreign currency in countries like the United Arab Emirates (UAE) and Georgia.

The post Russians turn to crypto to evade restrictions appeared first on Invezz.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Global Currency Reserve (GCR) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.569
Капитализация $0 Rank 99999
Цена в час новости $ 0.0005018 (-100%)

chairman jerome reserve powell reaction follows broader

Источник: invezz.com

chairman jerome → Результатов: 126


Фото:

Federal Reserve Chair urges everyone to factor inflation into financial decisions during Jackson Hole speech

Federal Reserve Chairman Jerome Powell urged households and businesses to factor inflation into financial decisions as it will take time and effort to return inflation to ideal levels. The post Federal Reserve Chair urges everyone to factor inflation into financial decisions during Jackson Hole speech appeared first on CryptoSlate.

2022-8-26 17:30


FED’s Powell Doesn’t Think Crypto Risks Financial Stability

The crypto market cap has moved up to $2,2 trillion after the Fed announced they would double the tapering of bond purchase and interest rates will stay the same for now. Fed’s chairman Jerome Powell held a news conference after the decision was taken where he approached several issues on the United States economy and current concerns for its financial stability.

2021-12-16 02:59


U.S. Federal Reserve has no intention to ban cryptocurrencies, Chairman Powell says

Speaking before the House Financial Services Committee, US Federal Reserve Chairman Jerome Powell, stated that the authority has no objective to ban cryptocurrencies.   According to Powell, who responded to his earlier comments that cryptocurrencies could be replaced by a central bank digital currency (CBDC), the crypto market should be regulated in accordance with existing laws.

2021-10-3 20:07


Фото:

The U.S. Will Not Mirror China’s Ban On Cryptocurrencies, Fed Chair Powell Tells Congress

The United States will not follow the example of China in imposing an outright ban on cryptocurrencies but is looking at regulating stablecoins, the Fed Chairman said on Thursday. The Fed Has “No Intention” Of Banning Cryptocurrencies The United States Federal Reserve does not intend to ban all cryptocurrency transactions, the chairman Jerome Powell emphasized […]

2021-10-1 01:29


You Wouldn’t Need Crypto If You Have CBDC; ECB & Fed Selling Their Digital Fiat As Better Than Bitcoin

Federal Reserve Chairman Jerome Powell on Wednesday came out strongly supporting a digital dollar, saying it could undercut the need for cryptocurrencies and stablecoins. When asked during the congressional hearing if having a digital currency issued by the central bank would be a more viable alternative than cryptos in the payments system, Powell agreed and […] The post You Wouldn’t Need Crypto If You Have CBDC; ECB & Fed Selling Their Digital Fiat As Better Than Bitcoin first appeared on BitcoinExchangeGuide.

2021-7-15 16:35


Federal Reserve Is Moving Forward with its Digital Dollar Plan; Starting with Publishing a Paper on CBDC

Talking about stablecoins' potential to enhance the payments system, Chairman Jerome Powell said they also “carry potential risks” to its users and the broader financial system. The post Federal Reserve Is Moving Forward with its Digital Dollar Plan; Starting with Publishing a Paper on CBDC first appeared on BitcoinExchangeGuide.

2021-5-21 16:00


Фото:

Why FED Chairman thinks Bitcoin is a substitute for gold

In the Bank of International Settlements Innovation Summit, the U.S. Federal Reserve Chairman Jerome Powell referred to cryptocurrencies and their position next to the dollar. For Powell, assets such as Bitcoin present very high fluctuations in their price and have no “underlying valued”, a position familiar to the official: Crypto assets are highly volatile — […]

2021-3-23 21:54


CBDCs to coexist with cash payments, according to FED Chairman Powell

The Committee on Payments and Market Infrastructures conference was held in Basel, Switzerland. One of the main guests was the Chairman of the U.S. Federal Reserve, Jerome Powell. Referring to a report created by the institution he chairs and other banking institutions, Powell said: A recent report from the Bank for International Settlements (BIS) and […]

2021-3-19 22:00


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Cryptocurrencies see uninspired action as stocks open higher

Cryptocurrencies remain largely indecisive since last week’s heavy selling that pushed the prices of the leading digital assets below key support levels. Bitcoin and Ethereum for instance have found it difficult to reclaim the $23k and $1.

Coinbase, Paxos halt business with Silvergate Bank

Coinbase (NASDAQ: COIN) has announced it is discontinuing its business relationship with Silvergate (NYSE: SI), a crypto-friendly bank that is looking increasingly in trouble following the crypto winter and the collapse of FTX.