USDT surges against Russia sovereign fiat currency: Ukraine Crisis
Russian military invasions on Ukraine and financial Sanctions on Russia resulted in a big downfall for the Russian fiat currency Ruble.
This is the fifth day of Russian military invasions on Ukraine. However, the main reason for this war between two countries is based on their activities, not their activities against each other. But all these things are leading to a problem for both countries. On one side Ukraine is facing huge losses in terms of economic & deaths of citizens, on the other side, Russia is facing sanctions because of the US, EU sanctions on the Russian financial system.
According to the Cointelegraph market pro data, the Russian Ruble faced huge corrections against the US dollar-pegged stable coin USDT.
Past data records are showing that the USDT value usually remains under 80 Ruble but it crossed 104+ Ruble with net growth of 30%, in the value of USDT in terms of Russian fiat.
First-time Significant correction in the value of Ruble, alternatively increment in the value of USDT in terms of Ruble , saw on Thursday of last week, where the price of USDT touched 90 Ruble.
On 27 February, the EU announced to ban Russia from its financial system, Society for Worldwide Interbank Financial Telecommunication, or SWIFT.
These things are showing that Ukraine is facing critical situations because of Russian invasions but Russia is facing counterattack financially in the global market.
To remove the negative results for the citizens of Russia from such degradation in the value of the Ruble, the Central Bank of Russia decided to increase the interest prices for the citizens, so that citizens remain confident with their funds in the bank accounts.
According to the central bank:
“The increase of the key rate will ensure a rise in deposit rates to levels needed to compensate for the increased depreciation and inflation risks. This is needed to support financial and price stability and protect citizens’ savings from depreciation.”
Read also: pollutions because of Bitcoin surged 17% after China ban
