Residents of Russia massively spend their bitcoins in the UAE

Investors in bitcoin from the Russian Federation are massively buying up real estate in the UAE. This is due to the sanctions taken by the G7 countries against the Russians.

The Reuters report says that many Russians are buying real estate and movable property in the Emirates or are trying to convert bitcoins into cash. According to analysts, we are talking about the liquidation of BTC for several billion dollars.

This became possible due to the neutrality that most of the Persian Gulf countries took in the confrontation between Russia and the West. These states have become a haven for wealthy Russians.

Therefore, the number of requests for funds transfer from Swiss brokers has increased in recent days, as they are afraid that Switzerland will freeze their cryptocurrency. And their fears are well founded. Swiss regulator SECO noted that sanctions against Russians also apply to their cryptocurrency.

According to one crypto firm, they previously received 1 large cryptocurrency transaction per month, and over the past 14 days there have been about 5-6 such transfers.

In this case, we are talking about cosmic sums. For example, one seller wanted to sell 125 thousand BTC. This is almost 6 billion dollars, which the owner was going to transfer to the company's account in Australia.

If you decide to try your hand at the world of cryptocurrencies, do it with a trusted and reliable partner - BINANCE

Subscribe to our Telegram , Twitter , Facebook to be the first to know about cryptocurrency news!

CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.