Russians seek to liquidate cryptocurrency in UAE

Bitcoin and the broader crypto sector have slumped to session lows following a report that crypto firms in the United Arab Emirates (UAE) are being flooded with requests to “liquidate billions of dollars of virtual currency” as Russians seek a safe haven for their fortunes.

Some Russians are using cryptocurrency to “invest in real estate” in the UAE, while others want to use firms there to turn their virtual money into hard currency and stash it elsewhere.

If accurate, that would naturally indicate that the recent report suggesting that Russian crypto purchases had been de minimis was dead wrong, and instead Russians have been busy scooping up cryptos, not just in Rubles but in other currencies.

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