Russia is facing a serious economic transition while being at war against Ukraine. Just like USSR, it has to separate its economy from the world to build a self-sufficient country. Meaning that the agricultural sector will be revived first and industrialization might happen later. During this transition, its currency ruble is much needed as well to mobilize all available resources.
As all the Russians know ruble has correlations with the crude oil price, meaning its whole economy is pretty well dependent on oil and gas exports. Vladimir Putin has recently announced that Russian oil companies will only accept rubles in exporting energy products to unfriendly countries. Perhaps, the government is trying to strengthen its national currency when Russians themselves are so much used to the U.S dollar and Euro.
Pavel Durov’s Telegram is already offering its own crypto, Toncoin which is getting popular amid the war in Ukraine. To save some rubles Russian residents have a chance to store their little wealth in Toncoin as well. Soon the government may ban the use of foreign currencies in Russia by imitating the economic practices of the USSR.
Currently, Toncoin is not soaring like in 2021: in November and December, it had two big bumps. The record high value reached by Toncoin was $5.3682. Anytime the coin may jump again if Russians take the initiative to support their fellow’s crypto.