In Russia, street currencies began to change USDT to US dollars – Bits Media

Against the backdrop of restrictions on access to the dollar and euro in the Russian Federation in some cities, street channels intensified, which offer transfers cryptocurrencies to fiat.

One of the first such points is organized near the central market in Sochi, Approves the site Beincrypto. According to Journalists, Street channels offer those who wish dollars in exchange for USDT stablecoins.

During the transaction, the owner of Tether sets the USDT to the address, which is informed to him changed. Then the seller gives the buyer from hand to hand US dollars. The USDT exchange rate to the US dollar is set according to the current price of stablecoin on the Binance crypto -story.

Such an exchange is a risky operation. Changed it may simply refuse to issue cash after, How the seller will transfer USDT to the specified wallet. No written contract is provided for. maybe. A potential scammer will give fake bills. In both cases, it will be difficult to establish the guilt of the attacker.

The development of street exchange of cryptocurrencies as a trend has been brewing for several months. In March, the Central Bank of the Russian Federation introduced a limit for the lifting of fiat dollars in the United States or the euro with bank account. Besides, It is forbidden to import American and European currencies into Russia. After disconnecting many large Russian banks from SWIFT, their clients cannot transfer the currency abroad. Credit organizations took advantage of this and offer to exchange euros and dollars at an overstated rate.

Some of the Russians began to use USDT, to solve the problem with the cash foreign currency. The situation was aggravated after that, How the EU banned crypto officers under European jurisdiction to serve citizens of the Russian Federation. This caused panic among cryptocurrency holders, Which began to hastily bring cryptocurrencies to Fiat.