Sanctions May Not Affect Russia’s Access to Crypto, Reports Claim – Bitcoin News - BitcoinEthereumNews.com
As sanctions rain on Russia, following the Kremlin‘s decision to invade Ukraine, media reports have suggested that they are unlikely to limit the country’s access to crypto assets. While the Russian elite may use them to circumvent restrictions, ordinary Russians are also likely to keep trading digital coins on foreign platforms. Cryptocurrencies Deemed Potential Tool for Russian Billionaires Bypassing Sanctions U.S. and EU sanctions, imposed in response to Moscows military assault on Ukraine, are threatening the ability of Russia, and its elites, to do businesses in dollars and euros. However, as the country has recently chosen a path towards regulating cryptocurrencies, the penalties might carry less weight, Bloomberg noted in a report. Digital currencies such as bitcoin, often traded on decentralized platforms, could become an effective instrument to circumvent the restrictions. According to Matthew Sigel who heads digital assets research at investment manager Vaneck, “neither dictators nor human rights activists will encounter any censor on the Bitcoin network.” Russian billionaires, those who have been targeted already, can potentially utilize cryptocurrency to evade the sanctions, the article remarks. Through anonymous transactions, digital coins can offer them opportunities to purchase goods and services and even invest in assets outside of the Russian Federation and avoid banks.