According to analytical services, over the weekend, buy and sell operations with cryptocurrencies for Russian national currency exceeded 4 billion rubles. The main demand fell on the stablecoin USDT, as well as bitcoins.
As Russia faces a shortage of cash foreign currency, investors rushed to buy cryptocurrencies. According to Kaiko, on March 5, the trading volume of the BTC/RUB pair reached 2 billion rubles, and the volumes of the USDT/RUB pair exceeded 2.6 billion rubles.
The demand for digital assets among the Russian population has been steadily growing since Russia invaded Ukraine on 24 February.
Since March 9, Russia ordered national banks to stop all sale operations of foreign currency cash to individuals. According to the participants of the crypto industry, this will increase the demand for digital assets, especially for stablecoins, which are devoid of volatility and are seen by investors as one of the ways to convert capital stuck in Russia into US dollars.
Due to the exile of Visa and Mastercard payment systems from Russia, Russian users will lose the opportunity to purchase crypto assets on Binance, an exchange most popular among Russian users. However, they will still have the opportunity to buy and sell digital assets on p2p platforms. It is expected that the volume of sales on such platforms may grow multiple times against the backdrop of a ban on the purchase of cash currency and restrictions associated with cross-border transfers.