Imagine you’re having a conversation with your friends now at some point in this conversation someone’s going to bring cryptocurrencies. Today cryptocurrencies have become a global phenomenon known by most people but understood by few. Cryptocurrency is something that everyone wants to talk about but no one really knows how they work so today I’m going to fix that.

Currency it’s an important part of our life.Cryptocurrency is the digital or virtual currency that is meant to be a medium of exchange. Cryptocurrency is quite similar to real world currency just that it does not have any physical personification. As of 2018, there’s more than 1600 cryptocurrencies available. Now there are some popular ones like bitcoin, litecoin, ethereum. And new cryptocurrency crops up every single day.

Some features of cryptocurrency are that there’s a limit to how many units can exist. With bitcoin this limit exists at 21 million now after this no more bitcoins will be produced. You can easily verify the transfer of funds. They operate independent of bank or a central authority. New units are added only after certain conditions are met.

• So what’s makes cryptocurrency so special firstly. There’s is no or little transaction cost. 24/7 access to money. No limits on purchase and withdrawals. Freedom for anyone to use. International transaction are faster.

Cryptocurrency is the key to the complex digital cash problem.

Two major cryptocurrency. Bitcoin and ether. Bitcoin is a form of digital currency and is decentralized without a central bank. It uses blockchain to perform transaction on a peer to peer network. Ether is a currency that’s accepted in ethereum network. They’re the biggest and most valuable crypticurrencies. These are widely use across the world. Bitcoin is used to send money to someone this is very similar to how real life currency works while ether it is used as a currency within a ethereum network although it can be used for real life transaction as well. Bitcoin transactions are manual which means you have to personally performed these while with ether you have the option to make these transaction manual or automatic which means that these transaction will take place when certain conditions has been met. For bitcoin it takes 10 minutes to perform a transaction while ether takes only 20 seconds to finish a transaction.

There’s a limit to how many bitcoin can exist; 21,000,000. Ether is expected to be continous but not expected to exceed 100,000,000.

It should also be noted that investing in cryptocurrencies is legal in India and there are no laws that prohibit individuals from buying or selling virtual coins. Investing in crypto is liked making money while you’re sleeping.

I think the pandemic has taught people the importance of multiple streams of income unfortunately having a job doesn’t means security. Despite the economic crisis this is still the good time to invest in gold and cryptocurrency. 

  Cryptos are becoming a favorable investment option among many investors. These assets are an easy option for seamless transfers to any part of the world. And as there are no strict regulations on this market yet, the users find it easier to use it for transactions. Check out the Official Website profit system Immediate Profit for those who are new to cryptocurrency trading and investing.

As per some recent reports, many Russian users are sending USDT to the UK. They are doing this with the help of several Cryptocurrency exchanges. Russians are using these exchanges as a medium to send people to the UK to send USDT. But what’s the reason behind such increased cases? Learn about this aspect through this blog!

Investigation Finds Out This Aspect 

An investigation was carried out on all the exchanges which revealed this news. This investigation was done on all the exchanges present in the capital city of Russia. It reveals that every user of these exchanges who are buying Cryptos is ready to deliver currencies to London. 

But, the investigation is unable to bring out the true identity of those users. This was stated in the investigation report by Transparency International Russia (TIR). As per this organization and The Bell, another media platform states that many exchanges are offering some unique services at present. 

The services of these exchanges let Russians withdraw digital assets in the form of cash in London. The investigating organization states that, due to these services, transferring funds out of the nation has become quite easy now! And this feature is possible because of all the exchanges present in Moscow. 

Are There Zero Restrictions? 

You may now wonder if there are almost no restrictions on such easy movement of funds. But, there are strict controls and regulations for the movement of any funds moving out of Russia. Counter-sanctions and sanctions place these limitations on the fund movement out of the nation. 

Despite these restrictions, almost eight Crypto exchanges in Russia are ready for this move. They will let their users transfer USDT out of Russia. The exchanges also mention that they will help in converting the assets into cash to deliver in London. 

How Are These Exchanges Making The Conversion Possible? 

When the TIR carried out the investigation and recruited some undercover agents, some interesting facts were found. The agents revealed that they were not required to provide any kind of documents and passports for transferring the funds! This is quite a shocking part and reveals interesting facts about the exchanges. 

Rather, the exchanges ask for some particular details. These questions may include details about the collector of the funds, like what they will wear or the serial number of banknotes! 

The investigation also reveals that all such UK-based couriers were prominent and of Russian origin. And they carried out the discussion about handover and other details on Telegram alone! 

A Glimpse Of Some Exchanges 

The best example of such a Russian-based exchange is that of the Suex. In 2021, this exchange had to face US sanctions. This is because Washington assumes that this exchange has links with money laundering actions and helps its users do the same. 

The organization also adds a note here about Suex. It states that as the platform fails to provide any customer details, they are violating the anti-money laundering rules of Britain. 

Investigation Finds Trace Of Such Activities 

The researchers of the organization are capable of tracing some of the wallets associated with these exchanges. After this, they are also able to trace the history of such digital wallets. 

After having a view of the history of such wallets, the researchers found that many wallets even transferred USDT worth 470,000 USD! Besides that, the investigation highlights that these exchanges have aided in transferring small amounts of less popular Cryptos. 

Conclusion

Amidst such activities, the Russian government AML agency states that it is monitoring around 25,000 suspected users. All these users are under suspicion of carrying out AML activities. 

These facts highlight that Russians are more actively transferring their funds outside the nation. Also, these exchanges are facilitating these activities without asking for any KYC or other details of the users while transferring the same. And this calls for strict scrutiny in the nation. 

To learn more about Cryptos and this industry, you need to join Bitcoin Smart.