UAE-based companies specializing in cryptocurrency reported a mass circulation of Russian citizens who are trying to convert digital assets into traditional cash, including for the purchase of real estate. As media sources noted, we are talking about billion-dollar transactions.

As an example, one of their crypto-firms was cited, which accepted a number of requests from brokers in Switzerland, demanding to convert available bitcoins for their clients. It is emphasized that after each of the requests, the company had to liquidate several billion dollars worth of BTC.

One of the interlocutors of foreign journalists confessed that such a thing had never happened at their company. Just the other day a wealthy client of the firm decided to get rid of 125 thousand bitcoins at once, the equivalent of $6 billion, the source shared.

Experts believe that this kind of financial activism of Russian and Belarusian citizens is directly related to the situation in Ukraine. Given that the UAE did not join the Western sanctions against Russia, wealthy citizens of the latter started investing the funds released from digital assets in real estate in the Emirates.