The Russia-Ukraine war had far-reaching impacts on the crypto transaction volumes in the two warring nations,
The Russia-Ukraine war dealt a sharp blow to the global economy, affecting supply chains and pushing up prices, particularly in the oil and food markets, to unprecedented levels. One and a half years after the conflict began, the world was still reeling from the financial fallout.
The impact of the sanctions was glaring. Since the war, Russian usage of international crypto exchanges has halved. On the other hand, the transaction volume on local crypto exchanges has steadily increased.“We believe that the restrictions are hurting Russia’s market, along with the same economic headwinds affecting crypto users in other parts of the world.”The restrictions on crypto usage could also be viewed from a different lens.
Ukraine’s first cryptocurrency exchange, Kuna, relocated to Europe in the period following the war. Anna Voievodina, Сhief Legal Counsel of Kuna Exchange said and Chainalysis quoted,
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