Rouble-crypto Tradings Soar as Russian Currency Drops to a Record Low

In the wake of the ongoing war, the Russian rouble takes a sharp fall as many make the switch from currency to cryptocurrency.

Amid the ongoing conflict between Russia and Ukraine, the month of February ended with the local currency—the Russian rouble—tumbling to a record low. This was followed by a sharp increase in trading between the Russian rouble and the Tether cryptocurrency, according to a report from Reuters.

With rouble-dominated trades hitting $29.4 million, this is, according to Oslo-based digital asset researcher Arcane Research, the highest record this year and around 3 times more than a week earlier, too!

Cryptocurrency in Russia

Tethers is a so-called stablecoin—a type of cryptocurrency that's designed to avoid the wild fluctuations that plague bitcoin. Theoretically, its stable value allows users to protect their funds and savings, especially during economic stress.