Russians are hoarding cryptocurrency as the noose around billionaire oligarchs continues to tighten

<p>This week, Russia began a cryptocurrency boom as sanctions suffocate their economies. However, there is a problem in this plan that prevents it from becoming a comprehensive departure strategy. </p> <p>For billionaire Russian oligarchs, the going is about to become tougher. </p> <p>Previously, it was rather simple for them to conceal their money. Simply purchase a London football team and a super boat and relocate to Mayfair. Recent developments have shifted the rules of the game. </p> <p>Chelsea FC owner Roman Abramovich attempted to transfer his ownership of the club to a nonprofit foundation in order to protect it from sanctions, but only days later, it is up for sale. </p> <p>The US and its allies have only recently began their campaign against Russia's assets and banking system. This will exacerbate the difficulty of transferring money throughout the world, particularly for Russians who live outside the Russian Federation. </p> <p>Cryptocurrencies are introduced. </p> <p>While it is difficult to conceal a football club, concealing digital assets is considerably easier. On both sides of the conflict, volumes into bitcoin and US dollar stablecoins (the cryptocurrency equivalent of the US dollar) increased this week. Russians are unmistakably attempting to circumvent sanctions and the Rouble's demise. </p> <p>Russian ruble-to-bitcoin trading volumes have risen to a nine-month high. </p> <p>On Thursday, Coindesk reported that the amount of bitcoin in rouble increased to about 1.5 billion RUB. </p> <p>However, Russia is not the only country affected. Additionally, Ukrainians are purchasing cryptocurrencies at historic levels. </p> <p>It makes sense; war is detrimental to local currency values, and gold is notoriously difficult to secure when bombs fall and people flee. The harsh reality of war is that if you are forced to from your home, you cannot bring your assets with you. </p> <p>There is a legitimate case for wealth protection in cryptocurrency, and Ukrainians anxious about the coming months ar