Crypto coin for Russian shadow payments moves $9bn in just four months

www.ft.com

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Crypto coin for Russian shadow payments moves $9bn in just four months

www.ft.com

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Europe@lemmy.dbzer0.comEnglish · 2 days ago

cross-posted to:
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Crypto coin for Russian shadow payments moves $9bn

www.ft.com

The A7A5 token aims to facilitate financial flows disrupted after Ukraine war

cross-posted from: https://scribe.disroot.org/post/3275858

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…

Billed as the first stablecoin pegged to the Russian rouble, the A7A5 token was officially launched in Kyrgyzstan in February and aims to facilitate large-scale financial flows into and out of Russia, which have been severely complicated by western restrictions …

An analysis of wallets linked to Grinex, a crypto exchange also founded very recently in Kyrgyzstan and trading only in A7A5, roubles, and a dollar-pegged stablecoin, shows a total of $9.3bn worth of A7A5 being moved to and from wallets linked to that exchange …

The stablecoin says it is backed by rouble deposits in Moscow’s Promsvyazbank, a defence sector bank subject to US, UK and EU sanctions over Vladimir Putin’s full-scale invasion of Ukraine. The coin’s rapid growth is clear: it now has 12bn tokens in circulation, equivalent to $156mn, and is used intensively by a relatively small group of users, whose daily transfers routinely amount to several times that volume …

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