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Russia gets a black cryptocurrency market

Russia gets a black cryptocurrency market

It was triggered by the Russian central bank's ban on foreign currency transactions, preventing individuals from buying foreign currency until 9 September 2022.

According to the Russian website Forklog, Indefibank CEO Sergei Mendeleyev says that now there are many people trying to transfer funds outside Russia. The Central Bank's ban has turned cryptocurrencies into an ideal tool. Unofficial exchangers offer to buy stablecoins, particularly USDT, for rubles, which are then redeemed into dollars and euros but outside of Russia. 

Sergey Mendeleyev specified that "The benefit on exchange rates, even before the ban, was at least 10%, and now it reaches a third of the amount. Let's use concrete math: USDT can now be bought for 123 rubles, and cash dollars for a minimum of 146. That's already 20%."

Since the start of the military operation on 24 February, cryptocurrency exchanges have increased fivefold in turnover, with average earnings rising from 0.1% to 1%, he said.  

Liquidity pool

A liquidity pool is a place where you can exchange one type of crypto asset for another. Liquidity pools can be compared to regular currency exchanges, but with one difference. In case of currency shortages, banks deliver the missing money directly to exchangers, while liquidity pools are replenished through private individuals, i. e., liquidity providers.

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