Russians Want to Sell Billions in Bitcoin and Cryptocurrency in the UAE

Russians Want to Sell Billions in Bitcoin and Cryptocurrency in the UAE

Russians want to sell billions of bitcoins and cryptocurrencies in the UAE. Reuters reported this in a report.

As far as is known, this is speculation, no solid evidence for this theory has yet been shared. An anonymous broker notes that several requests have been received from Switzerland. One of the requests was too big: to convert $2 billion in bitcoins into dollars.

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“We have one guy (I don’t know who he is, but he came through a broker) and he said, ‘We want to sell 125,000 bitcoins. And I’m like, ‘What? That’s $6 billion, guys.” Then they said, “Yeah, we’ll send it to a company in Australia.”

The sources are therefore unknown. Adam Buck expresses his skepticism about this quote. Australia is not exactly known as a place to evade financial sanctions. According to Reuters, Russians also want to invest in real estate in addition to dollars.

However, confiscating things like dollars and real estate is easier than confiscating bitcoin. If you want to get out of the penalties, investing in real estate does not seem to be the right strategy.

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Meltem Demirors believes that these reports are very similar to rumors of previous trading desks. Over-the-counter desks are said to have received massive orders of tens of thousands of bitcoins in 2018 and 2019.

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Bitcoin

Bitcoins cannot be stopped on the network. The long-term transaction will always be picked up if you pay the correct transaction costs. Outside of this, however, there are measures that can be taken to prevent money outflows. Consider, for example, bans on assets on cryptocurrency exchanges and/or banks, such as sanctions against Russia.

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In addition, there are also many data companies (such as Chainalysis) that closely monitor the network. Their services and programs are purchased by government organizations in turn. It is possible to avoid penalties with bitcoin, but it is certainly not easy. It is very difficult to get complete privacy on the network. One mistake can be fatal.

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