Elise Denjean 10:08 a.m., March 3, 2022

On the eighth day of the Russian military invasion of Ukraine, the ruble continues to collapse under the weight of international economic sanctions imposed on Russia.

But for the past few days, a cryptocurrency has been doing well: bitcoin.

Its volume of transactions has indeed reached an almost historic peak, at a time when the Russians are looking for solutions to save their funds.

While the ruble is collapsing under the weight of international sanctions imposed on Russia after its military invasion in Ukraine, a currency or rather a cryptocurrency, is doing well. For the past few days, bitcoin has been a hit.

Its transaction volume has reached an almost historic peak.

So much so that one can wonder if this cryptocurrency is not used, for Russia, to circumvent economic sanctions. 

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The obligation to close the accounts of blacklisted buyers

Unlike money that passes through banks, bitcoin is neutral and does not depend on any state.

It is certainly regulated, even monitored, but it remains completely independent.

A godsend for the Russians.

But be careful not to give in to fantasies: bitcoin platforms are still required to close the accounts of blacklisted buyers. 

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There are obviously operations that can be done under the coat, but in fact, it is "ordinary" Russians who rushed to bitcoin, a far cry from the oligarchs targeted by the sanctions.

Cryptocurrency allows them to make their daily purchases because you can buy almost anything today with bitcoin, provided you have a special card that makes the conversion automatically.

Still, with this conflict, bitcoin proves that it is not just a speculative tool, but an alternative means of payment.