To the Russian billionaires, cryptocurrency finance has been a lifeline. During the early stages of the Ukrainian war, Russia put a restriction on nationals, imposing that no money could leave the country’s banks of a value over $10,000 in foreign currency. With Russian billionaires so worried about the collapse of their wealth and to avoid sanctions, they sought to buy up cryptocurrency and then download it into other currencies such as the UAE Dirham where many nationals have now resided or moved their businesses to Dubai.
Emerging as a haven for wealthy Russian nationals whilst staying neutral to any political opinion, Dubai has seen a phenomenal influx of Russian nationals buying property with an aim to secure their wealth.
Scepticism over cryptocurrency finance
Historically there has been global scepticism over the use of cryptocurrency as means to handle finances. However, by being totally independent and not governed by a single country or owner, cryptocurrency finance demonstrates its freedom as a digital system to overrule government regulations. In doing so, cryptocurrency finance with regards to this type of unforeseen situation has emerged as a favourable independent competitor to historical and traditional financial methods of moving and trading currency.
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