The economic activity in Russia is experiencing instability. In the face of mounting pressure, President Vladimir Putin is turning to cryptocurrency. On November 29, he signed a law officially classifying crypto as property.
The Russian ruble fell to its lowest level in more than two and a half years on November 27. The Russian currency broke below 110 against the greenback for the first time since March 2022.
Additionally, it also declined to a historical low versus China’s yuan by dropping below 15. This crash coincides with rising tensions with the war in Ukraine and progressively tightening sanctions.
Even the stock market has not been better off, to say the least. It has dipped almost 20% as the year runs out. People are withdrawing their investments with such and shifting their funds to more secure bank accounts.
BCS brokerage firm commented that the situation is a panic in an environment of uncertainty. The Russian ruble and stock markets continue to slide, and ev
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