Chinese traders actively use Russian crypto exchangers
The use of cryptocurrency in international trade is one of the most obvious and effective practical functions of new financial assets. The report by Coindesk showed that Chinese importers in Moscow alone acquire cryptocurrency worth up to $30 million per day to ensure grey-market imports from China to Russia.
Before the 2018 cryptocurrency winter started, bitcoin accounted for the bulk of the purchases of Chinese businessmen in Moscow-based OTC desks. Traders, using the bull market cryptocurrency, received a good additional income. However, Bitcoin was replaced by the less volatile stable cryptocurrency Tether (USDT) in 2018.
At present, only 20% of digital assets in OTC sales structure are nominated for bitcoins, while the remaining 80% are grabbed by Tether. It is noteworthy that the cryptocurrency trade is carried out using cash, which is unlikely to be reported to both the Russian and the Chinese tax authorities.
According to the Moscow cryptocurrency over-the-counter market traders, the amount of USDT purchases by Chinese citizens per day ranges from 10 to 30 million dollars.
“They accumulate a lot of cash in Moscow and need Tether to transfer it to China. A client comes with cash, we register the price at exchanges, when we agree on a price, we make a deal” - said Maya Shakhnazarova, head of the OTC trading department at Huobi Russia, a Moscow office serving major customers of the Singapore exchange Huobi Global.
Chinese entrepreneurs supplying cheap goods to Moscow fully take advantage of Tether’s stable cryptocurrency: unlimited transfer amount, low volatility, high speed and low transaction cost.
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