In the midst of this, the price of virtual currencies such as Bitcoin is rising day by day. As Russia has been kicked out of the international financial settlement network and foreign companies have stopped trading, it is an analysis that is showing interest in virtual currency as a means to avoid these sanctions.
Reporter Im Tae-woo pointed it out.
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Long queues in front of ATMs in downtown Moscow.
After a 30% drop in the value of the ruble, the Russian money, and rumors circulating that the bank could go bankrupt, they are trying to find some cash.
[올가/모스크바 시민 : 정부가 돈을 모두 몰수해버리거나, 은행 카드가 못 쓰게 정지될까 봐 걱정돼요. 돈을 인출하려고, 벌써 이틀째 여러 곳을 돌아다니고 줄을 서고 있어요.]
Meanwhile, the popularity of cryptocurrencies is soaring.
The price of major cryptocurrencies, including Bitcoin, rose more than 15% in two days.
This is because expectations are spreading that cryptocurrencies can serve as safe haven assets like gold in a war situation.
In particular, as the Western financial sanctions are concentrated on banks, some analysts say that the Russian government and key figures are showing interest in virtual currencies that are free from sanctions.
[아이펙 오즈카데스카야/스위스쿼트 애널리스트 : 러시아 루블화를 비트코인과 다른 가상화폐로 거래할 수 있다는 건 서방의 제재를 우회하려는 러시아 집권층에게 좋은 기회가 됩니다. 러시아 기업들과 중앙은행까지 제재를 피할 수 있습니다.]
The Ukrainian government has asked cryptocurrency exchanges around the world to block Russian accounts, but it has been rejected.
Exchanges can block the accounts of those subject to sanctions, arguing that blocking the accounts of all Russians is against the purpose of cryptocurrencies that they are not subject to central government interference.
It could be a haven for money unless Western countries start regulating cryptocurrencies right away.
(Video editing: Jinhwa Choi)
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