Eastern Europe accounts for 10% of global crypto transactions, according to Chainalysis.
The deadly conflict that started with Russia’s assault on Ukraine has increased crypto-related activity in both countries, according to Chainalysis. Fiat inflation and sanctions pressure led to several spikes in transaction volumes this year, the blockchain forensics firm has found, while Eastern Europe as a whole sustained its role in the global crypto ecosystem.
Shortly after the hostilities began in late February, Russian and Ukrainian cryptocurrency transfers saw an increase. In the following weeks and months trends diverged, and while Russian transactions wavered in a relatively narrow range, possibly influenced byIn March, right after the war started, Ukrainian hryvnia-denominated trade volume jumped 121% to $307 million, while Russian ruble-denominated trade volume rose 35% to $805 million.
Chainalysis quotes a money laundering specialist who commented on similar activity in Russia, where currency restrictions were also applied. “The major question not just for oligarchs but also ordinary Russians became, ‘How do you get money out of Russia?’” said the expert who chose to remain anonymous.
While according to the researchers, crypto markets are hardly liquid enough to support systematic sanctions evasion, cryptocurrency could potentially play a role in financing Russia’s foreign trade, after its banks were cut from the global payment messaging network SWIFT. The expert pointed out that the Central Bank of Russia recently
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