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Russians and Ukrainians are piling into crypto

As Ukrainians battle the Russian army, and the Russian economy faces a meltdown, people in both countries are turning to crypto.

The trading volumes in bitcoin using Russia’s ruble reached a nine-month high last week, while those using Ukraine’s hryvnia for bitcoin also spiked, according to Paris-based crypto research firm Kaiko.

Meanwhile, trading volumes denominated in ruble for Tether, a cryptocurrency pegged to the dollaralso surged on Monday (Feb. 28), reaching their highest point this year, according to Reuters.