Russians seek to convert their assets into cryptocurrencies

Several reports assure that some millionaires from Russia would be heading to the United Arab Emirates in order to be able to liquidate their assets in cryptocurrencies.

Given the situation between Russia and Ukraine, added to the number of sanctions and restrictions that many countries and organizations have applied, cryptocurrency companies based in the UAE have been receiving a good number of requests in recent days to transfer millions of dollars to digital assets.

An executive at one of the firms says he has received many inquiries in the past 10 days from Swiss brokers asking to settle fiat money in bitcoin because their clients fear Switzerland will freeze their assets.

Reports indicate that not all Russian clients want to move their money into cryptocurrencies, there are some who have shown interest in the real estate sector in the region, and others are thinking of using the services of Emirati companies to convert their digital money into some heavier currency.

The apparent political ambiguity of the UAE in the face of the conflict in Europe and the favorable regulations with cryptocurrencies could be providing an escape route for the Russians amid Western sanctions.

K. Tovar

Source: DiarioBitcoin