The current geopolitical crisis has exposed the faulty lines in the traditional finance world and undermines the importance of crypto as an alternative to the financial system.
Russian currency “Ruble” has taken a beating
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A record fall of nearly 30% in a span of 2 weeks.
In simple terms, it has reduced the purchasing power of the currency by 30%. This is what can happen with when few external players apply a series of sanctions.
Now here’s how Crypto balances the equation.
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Russians are turning to crypto in huge numbers resulting in hedging themselves from further depreciation of the currency.
How you may ask? For example
2 weeks ago
1 Crypto = 100 Ruble
Today,
1 Crypto = 130 Ruble
The appreciation in value is due to depreciation of Ruble and not growth in investment.
Are there more reasons to have Unified Currency?
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