Bitcoin Liquidations by Russians Are Invested in UAE Real Estate
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According to the latest reports, Russians have been liquidating bitcoins to acquire real estate in Dubai. The United Arab Emirates (UAE), India, Israel and Georgia refrained from joining the US and EU economic sanctions on Russia.
According to Reuters, cryptocurrency exchanges located in Dubai have been receiving requests to liquidate large amounts of bitcoin
Bitcoin
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Read this Term. The liquidated funds were used to buy real estate in Dubai and physical cash.
In recent days there was a spike in real estate mortgages in Dubai and real estate gifts (that befit from lower taxation).
source: Dubai real estate transactions
source: Dubai real estate transactions
The Swiss neutrality means the country will not involve itself in political or armed conflicts between other regions. We have seen this throughout World War 1 and World War 2.
Russian oligarchs may have assumed that due to the Swiss neutrality the digital assets are safe. As Switzerland announced it is breaking its neutrality and joining the EU economic sanctions on Russia things have changed.
Reuters reported that a crypto company (name is undisclosed) received orders from Swiss brokers to liquidate billions of dollars of BTC. There was a rising concern Switzerland may free the cryptocurrencies.
“We’ve had like five or six in the past two weeks. None of them have come off yet – they’ve sort of fallen over at the last minute, which is not rare – but we’ve never had this much interest.
“We have one guy – I don’t know who he is, but he came through a broker – and they’re like, ‘we want to sell 125,000 bitcoin’. And I’m like, ‘what? That’s $6 billion guys’. And they’re like, ‘yeah, we’re going to send it to a company in Australia’,”
source: reuters
Large bitcoins transactions, some worth over $1 billion were liquidated recently.
Dubai Cryptocurrency Regulations, SCA and VARA
The United Arab Emirates’ Securities and Commodities Authority (SCA) has yet to implement regulations on cryptocurrencies. The Dubai Virtual Assets Regulatory Authority (VARA) will require Dubai’s residents to register prior to involvement in crypto assets including businesses.
Although it may be unrelated, over $1 billion was transferred out of Coinbase on 11 Match 2022.
source: whale-alert
source: whale-alert
source: whale-alert
Wealthy Russians may continue seeking safe-haven for their assets. If Russians will be locked out the real estate markets it is possible some may begin turning into real estate in the metaverse.
Binance may have anticipated Russians will seek refuge in UAE, the crypto exchange applied for a license in Dubai World Trade Centre.
According to the latest reports, Russians have been liquidating bitcoins to acquire real estate in Dubai. The United Arab Emirates (UAE), India, Israel and Georgia refrained from joining the US and EU economic sanctions on Russia.
According to Reuters, cryptocurrency exchanges located in Dubai have been receiving requests to liquidate large amounts of bitcoin
Bitcoin
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Bitcoin is the world’s first digital currency that was created in 2009 by a mysterious entity named Satoshi Nakamoto. As a digital currency or cryptocurrency, Bitcoin operates without a central bank or single administrator. Instead, Bitcoin can be sent via a Peer-to-Peer (P2P) networking, devoid of intermediaries.Bitcoins are not issued or backed by any governments or banks, and Bitcoin is not considered to be legal tender, although they do have status as an acknowledged transfer of value in some jurisdictions. Rather than composing a physical currency, Bitcoins are pieces of code that can be sent and received across a kind of distributed ledger network called a blockchain. Transactions on the Bitcoin network are confirmed by a network of computers (or nodes) that solve a series of complex equations. This process is called mining. In exchange for mining, the computers receive rewards in the form of new Bitcoins. Mining grows increasingly difficult over time, and the rewards get smaller and smaller. There is a total of 21 million Bitcoins. As of May 2020, there are 18.3 million Bitcoins in circulation. This number changes approximately every 10 minutes when new blocks are mined. Presently, each new block adds 12.5 bitcoins into circulation.Since its inception, Bitcoin has remained the most popular and largest cryptocurrency in terms of market cap in the world. Bitcoin’s popularity has contributed significantly to the release of thousands of other cryptocurrencies, called “altcoins.” While the crypto market was originally hegemonic, today’s landscape features countless altcoins.Bitcoin ControversyBitcoin has been extremely controversial since its original launch. Given its mercurial nature, Bitcoin has been criticized for its use in illegal transactions and money laundering.As its impossible to trace, these attributes make Bitcoin the ideal vehicle for illicit behavior. Moreover, critics point to its high electricity consumption for mining, rampant price volatility, and thefts from exchanges. Bitcoin has been seen as a speculative bubble given its lack of oversight. The crypto has weathered multiple collapses and survived over a decade so far. Unlike its launch back in 2009, Bitcoin today is viewed far differently and is much more accepted by merchants and other entities.
Read this Term. The liquidated funds were used to buy real estate in Dubai and physical cash.
In recent days there was a spike in real estate mortgages in Dubai and real estate gifts (that befit from lower taxation).
source: Dubai real estate transactions
source: Dubai real estate transactions
The Swiss neutrality means the country will not involve itself in political or armed conflicts between other regions. We have seen this throughout World War 1 and World War 2.
Russian oligarchs may have assumed that due to the Swiss neutrality the digital assets are safe. As Switzerland announced it is breaking its neutrality and joining the EU economic sanctions on Russia things have changed.
Reuters reported that a crypto company (name is undisclosed) received orders from Swiss brokers to liquidate billions of dollars of BTC. There was a rising concern Switzerland may free the cryptocurrencies.
“We’ve had like five or six in the past two weeks. None of them have come off yet – they’ve sort of fallen over at the last minute, which is not rare – but we’ve never had this much interest.
“We have one guy – I don’t know who he is, but he came through a broker – and they’re like, ‘we want to sell 125,000 bitcoin’. And I’m like, ‘what? That’s $6 billion guys’. And they’re like, ‘yeah, we’re going to send it to a company in Australia’,”
source: reuters
Large bitcoins transactions, some worth over $1 billion were liquidated recently.
Dubai Cryptocurrency Regulations, SCA and VARA
The United Arab Emirates’ Securities and Commodities Authority (SCA) has yet to implement regulations on cryptocurrencies. The Dubai Virtual Assets Regulatory Authority (VARA) will require Dubai’s residents to register prior to involvement in crypto assets including businesses.
Although it may be unrelated, over $1 billion was transferred out of Coinbase on 11 Match 2022.
source: whale-alert
source: whale-alert
source: whale-alert
Wealthy Russians may continue seeking safe-haven for their assets. If Russians will be locked out the real estate markets it is possible some may begin turning into real estate in the metaverse.
Binance may have anticipated Russians will seek refuge in UAE, the crypto exchange applied for a license in Dubai World Trade Centre.
Cryptocurrency
