Ukrainian Vice Prime Minister Mykhailo Fedorov demand crypto exchanges to freeze all Russian accounts so that the sanction can be effective, but most exchanges did not support this. I read few days ago that cryptocurrencies may not help in Russia sanction but FinCEN concluded that Russia can attempt to use cryptocurrencies to evade sanctions.
FinCEN Provides Financial Institutions with Red Flags on Potential Russian Sanctions Evasion Attempts
What is your take? What role can cryptocurrencies play in helping Russia sanctions evasion and to what extent can this be?
The only way to circumvent the sanctions is to make bitcoin a primary currency like the ruble, so if Russia becomes like El Salvador they have a chance to evade the problem, apparently from the news they have learned they do not have this intention at the moment. But Putin is not stupid, he will surely have studied a plan to deal with these sanctions, obviously there are also other cryptocurrencies that can be used so turning the problem is feasible but not easy!