Ruble-Denominated Bitcoin Volumes Surges to 9-Month High

Re:Ruble-Denominated Bitcoin Volumes Surges to 9-Month High by leroman on Monday February 28, 2022 @07:46AM (#30499230)

If I understand this correctly, Binance is taking a huge (monetary) risk by selling BTC for Rubles, which may lose value really quickly as the situation progresses, and who knows..

Accepting Rubles at this point might be more risky than BTC, the latter might be more stable, shockingly.

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Re:Ruble-Denominated Bitcoin Volumes Surges to 9-Month High by deweller on Monday February 28, 2022 @08:40AM (#30499670)

Binance is not taking this risk. The counterparty who is selling BTC for Rubles is taking the monetary risk of the Rubles devaluing.

My guess is that the buyers of Rubles are turning around and selling some or all of them on a foreign currency exchange to mitigate their risk.

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Re:Ruble-Denominated Bitcoin Volumes Surges to 9-Month High by leroman on Monday February 28, 2022 @11:20AM (#30501587)

Then who would that party be? who is taking this risk then? any idea?

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Re:Ruble-Denominated Bitcoin Volumes Surges to 9-Month High by krustymeathead on Wednesday March 02, 2022 @08:03AM (#30526852)

Maybe the Russian Central Bank is buying up rubles to attempt to stabilize it? They probably wouldn't be exchanging them for BTC, but may be the ones holding the rubles at the end.

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Re:Ruble-Denominated Bitcoin Volumes Surges to 9-Month High by deweller on Wednesday March 02, 2022 @04:07PM (#30533168)

Person A offers BTC for sale for Rubles.

Person B offers Rubles in order by buy BTC.

Binance is an exchange which matches these two offers.

In this scenario, Person A is taking the risk of the Ruble devaluing.

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Re:Ruble-Denominated Bitcoin Volumes Surges to 9-Month High by aaaaaaaaata on Monday February 28, 2022 @03:38PM (#30504816)

Binance likely couldn't even identify all of the parties if they wanted to.

AMM.

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Re:Ruble-Denominated Bitcoin Volumes Surges to 9-Month High by rmbyrro on Monday February 28, 2022 @08:43AM (#30499711)

They certainly are not carrying the Rubles, but automatically converting them to USD or else.

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