Russia can evade sanction through cryptocurrencies - page 7.

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Quote from: LUCKMCFLY on March 18, 2022, 11:37:11 PM

You are right, for now Russia has many closed doors due to the high blocks that are provided from the USA, so one of the ways that it has to escape from it is through cryptocurrencies, in this case BTC. If on the contrary, the only strong nation that has full support for Russia is CHINA, and because of this they can do two things, firstly use the Chinese stablecoin, and on the other hand they have the option of using BTC and cryptocurrencies.
This is an open market, Russia is not totally closed, also from the East I am sure they will get support, Syria gives Russia support in whatever they ask for, it is a matter of time while Russia gets some oxygen.

All this takes time, and time is now playing against them. Perhaps we can now say that cryptocurrencies and the preserved ties between russia, China, Syria and a number of unrecognized territories such as Abkhazia or Transnistria may add some life to russia's dying economy. However, it takes time for these sparks to change the situation a little. And over time, the situation will worsen and this help will be small, because it will not be adapted to conditions that change too quickly.

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Quote from: fullhdpixel on March 15, 2022, 04:39:03 AM

Quote from: CaVO32 on March 12, 2022, 06:59:05 PM

I am also with you here. Bitcoin or any other crypto won't be their first alternative choice here but rather other assets like gold. Remember, China banned crypto miners already. So how can they trade crypto with China? So possibly one of the first alternatives is via convert their money to Chinese Yuan or buy gold. Bitcoin as well as crypto may be part of the alternatives but I don't think it would be their main option. They need to consider the other countries that may possibly accept their trade.

That is good if they have more alternative. I don't mean to feel positive towards Russia and I won't forget what they did with Ukraine but what I mean is the blame won't be put all directly to bitcoin or cryptos. China banned cryptos miners already but I think that was long time ago and I think there was a news last time that they re allow it again and also if mining is only banned, the trade can still continue.

Not only in the country of china but you are forgetting the fact that cryptos are online, which means it can be traded on other countries too. Oil is their main option because they have lots of it and then followed by crypto and last is gold.

You are right, for now Russia has many closed doors due to the high blocks that are provided from the USA, so one of the ways that it has to escape from it is through cryptocurrencies, in this case BTC. If on the contrary, the only strong nation that has full support for Russia is CHINA, and because of this they can do two things, firstly use the Chinese stablecoin, and on the other hand they have the option of using BTC and cryptocurrencies.
This is an open market, Russia is not totally closed, also from the East I am sure they will get support, Syria gives Russia support in whatever they ask for, it is a matter of time while Russia gets some oxygen.

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I believe that there is a good case to be made about Crypto being used for many things that is against governments and that is a good thing. I mean it could be used in a good way or a bad way but being out of reach from governments is always great. I pay taxes on my crypto income when I cash that out, but if I keep like a million dollars (I wish lmao) in crypto then I can keep it there and never pay a tax.

I believe taxes are what keeps nations strong but if the nation we are talking about is corrupted then we should not be too thrilled about it. People in UK or USA or France or Italy or Germany may feel the same, but they at least have decent governments.

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Quote from: Darker45 on March 13, 2022, 10:16:33 PM

As to Russia itself or its banks and huge companies, I think it's hard for them to evade sanctions through cryptocurrencies. But to the Russians who are now deprived of ways to transmit money from their country to the other parts of the world and vice versa, crypto could help. Crypto could also help those who are keeping cash savings as the value of the ruble is spiraling down. And we also know that a lot of Russians are leaving the country. They are limited as to the amount of cash they could carry. Bitcoin is a great option.

I believe that if we are talking about huge companies then we are definitely seeing something a bit harder for them. However, we are talking about a situation where things are not as obvious as you might think. I believe that we are talking about a situation where if the owners of those banks and all end up getting their money out somehow, then we are talking about something that is a bit more understandable.

After all, it is not about the nation having zero contacts with outside world, it is a bit more about how they could end up getting the money out, and if they can get the money out then they have at least some connections and that matters a lot.

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Quote from: Kakmakr on March 16, 2022, 03:10:12 AM

Ok... imagine this scenario.

Russia buy some electronic goods from China and they tell them that the payment will be in the form of Gold coins. Will the US now ban Gold coins, because they sanctioned Russia and used the Banking system (SWIFT) to stop international money transfers?

Quote

Scoop: Senators look to lock down Russia's gold reserves

A bipartisan group of senators is introducing a bill to prevent Russia from liquidating gold to withstand biting sanctions.

https://www.axios.com/scoop-senators-look-to-lock-down-russias-gold-reserves-04c6c7bb-cc32-4e72-981e-fa972c31a1a4.html

They can, they will.

Quote

Russia has many ways to pay for goods and services, even if they use offshore accounts or having to re-direct the payments through friendly countries. (Do you really think Russia has stopped selling Oil and Gas.... and how do you think they are getting paid?)

Also, we are talking about Billions of Dollars worth of bitcoins that needs to be bought ...and we are not seeing that on Exchanges. (...it is hard to offramp crypto in large amounts.)

Let's not forget this.... people worldwide are sending millions of dollars in BTC [Bitcoin] to Ukrainians to support them. Wink

It's not that hard, if there's demand. Bitcoin, because of the way it is built, it has an inclination to go to where it's needed, and the inclination to lessen friction, and make inefficient transfers of value more efficient by removing third parties.

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Quote from: Marvelman on March 15, 2022, 05:09:36 PM

Russia is not alone in this crisis. The European Union will also be hit with unprecedented sanctions, alongside the rest of the world. However, this crisis will not be solved by Western sanctions, because they can be bypassed by using physical gold and digital money. The West is trying to weaken the Russian state, but if sanctions will be maintained long-term, it will not only end up weakening the EU but the United States too.

Yes, the whole world has already realized that russia will drag everyone to the bottom without busting. Maybe, if they could at least lose with dignity, they would have at least a drop of respect from others. Their corresponding sanctions against the West look ridiculous. This is a gesture of an offended child, who has already been kicked out of the playground, and everyone wants to forget about him, but he continues to offend others from where he is no longer heard. And these insults no longer play any role.

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from my point of view Ukraine should
relent and agree to Russia's request. Because I don't see any possibility of Ukraine winning against Russia which has a stronger military.
So the Ukrainian government must be wise in making decisions and do not let many of its citizens become victims, by continuing to fight Russia.

Yes, let's stop fighting and just go with the flow. This is the best advice in life. If you are beaten, you have to endure. If yours is taken away, just give it away in silence. This is very wise, because it will wipe you off the face of the earth much sooner. And this is your goal, because with this approach your life is not worth respect, meaning or existence. Therefore, it is better to die as soon as possible. And even better to do that, so no one finds out about it. Because your murderer must recreate the image of liberator and savior. He killed you to do better for you. Didn't you realize that before you died?

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Quote from: Marvell1 on March 14, 2022, 10:01:09 AM

Quote from: ?? on ??

Quote from: Quidat on March 12, 2022, 05:59:18 PM

Quote from: Obito on March 12, 2022, 06:39:16 AM

The addresses that's sending large amounts of money are going to be investigated and if was proven to be used as a means to fund the war effort, I'm sure that people that has the power and influence are going to make sure that the Russian government won't be able to do that.

For now this is the only thing on which Bitcoin or crypto could really play on on which transactions would be truly anonymous but speaking on evasion on sanctions then it is possible but still be hard
considering that there are situations which do really needed up for those typical transactions and transfers which needing those typical behavior.
Lots of sanctions had been applied against them but doesnt seem that they are been affected that much.

You are right it remains difficult for Russia to evade the sanctions imposed on them through crypto, because not all financial transactions can be
done using crypto. There are some situations where Russia will still have to carry out transactions using fiat, but as you said, Russia seems not afraid of
the many sanctions that are applied to them. It couldn't be helped that Russia was a big country with a strong military, so they still had a way of
dealing with sanctions against them. I also think that the Russian government will not stop the war with so many sanctions against them, there must
be another way to resolve this conflict. If Russia is indeed going to end up relying on crypto for future important transactions, hopefully it doesn't have
a bad effect on the good name of crypto. Because right now the crypto market is in a bad situation, I hope that the war between Russia and Ukraine
will not have a big impact on the future of crypto.

Crypto are just one of many solutions for Russia to avoid sanctions, Russia has been hoarding foreign exchange and gold for years, showing that it has taken this worst-case scenario into account.
Russia is a great power that won't easily stop fighting unless Ukraine makes concessions. If this war is prolonged, it will affect all the economies of the world, not just crypto, we will enter a new post-pandemic economic crisis.
What we all hope is that the war will end and everything will be back to the way it was.

I don't know for sure what it will be but Russia is really prepared for all the possibilities that will happen in the future,
that is indeed what is feared if the war continues and prolongs without knowing when it will end,
that's true even though looking at the current condition it's not an easy thing but we all have hope like that

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Ok... imagine this scenario.

Russia buy some electronic goods from China and they tell them that the payment will be in the form of Gold coins. Will the US now ban Gold coins, because they sanctioned Russia and used the Banking system (SWIFT) to stop international money transfers?

Russia has many ways to pay for goods and services, even if they use offshore accounts or having to re-direct the payments through friendly countries. (Do you really think Russia has stopped selling Oil and Gas.... and how do you think they are getting paid?)

Also, we are talking about Billions of Dollars worth of bitcoins that needs to be bought ...and we are not seeing that on Exchanges. (...it is hard to offramp crypto in large amounts.)

Let's not forget this.... people worldwide are sending millions of dollars in BTC [Bitcoin] to Ukrainians to support them. Wink

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Quote from: Darker45 on March 15, 2022, 08:52:49 PM

Quote from: Wind_FURY on March 15, 2022, 07:09:51 AM

Quote from: Darker45 on March 14, 2022, 10:02:03 PM

Quote from: Wind_FURY on March 14, 2022, 03:31:10 AM

Quote from: Darker45 on March 13, 2022, 10:16:33 PM

As to Russia itself or its banks and huge companies, I think it's hard for them to evade sanctions through cryptocurrencies. But to the Russians who are now deprived of ways to transmit money from their country to the other parts of the world and vice versa, crypto could help. Crypto could also help those who are keeping cash savings as the value of the ruble is spiraling down. And we also know that a lot of Russians are leaving the country. They are limited as to the amount of cash they could carry. Bitcoin is a great option.

It's definitely hard, but in my opinion, it's not impossible. What use is POW in Bitcoin, what use is the preservation of decentralization and censorship-resistance? How long must the protocol keep chugging along until everyone understands the true nature of Bitcoin?

The use of Bitcoin to evade sanctions is limited primarily because of the nature of the sanctions themselves. Currently, the strongest sanctions are directed at Russia's oil and gas, the country's lifeblood. The US has banned all of Russia's oil and gas. EU countries have also greatly reduced their dependence on Russian oil and gas imports. Germany has also halted the Nord Stream 2 gas project.

That's true, but they can start mining Bitcoin by using their stockpiles of oil, and their unused supply of natural gas, and sell virgin Bitcoins, which has higher value.

Well, it's not gonna make them evade the current sanctions but I think it's worth it. Russia should explore Bitcoin mining considering that they have abundant supply of oil and gas. They have the resources to build the largest Bitcoin mining farm in the world. In effect, they will also be earning huge in a currency that cannot be bullied nor censored.

But I wonder how western countries would begin to treat Bitcoin if Russia is fully into it.

They treat it the same like how they currently treat it. They fear it because they don't truly understand it, I believe no one has. But if Russia starts HODLing it, and start using the protocol as a point for censorship-resistance, transacting with a country like El Salvador, or Iran, Pakistan, weakening the West's political stronghold, I believe game theory would suggest that the West should HODL too, as a hedge.

Quote

Financial sanctions include freezing the Russian central bank's hundreds of billions of dollar reserves, freezing the assets of Russian oligarchs, among others.

Huge international companies like Coca-Cola, McDonald's, Pepsi, Starbucks, Heineken, Shell, ExxonMobil, Levi's, Nestle, Procter & Gamble, Unilever, and many others have also implemented their own version of sanctions.

In all of these, Bitcoin couldn't be used as a tool of evasion.

That cannot be debated, but as a protocol, and an open, permissionless system that can't be turned off by third parties, wouldn't you agree that Bitcoin is useful? That's where it starts. The dark markets/black markets are next.

I completely agree, although, again, there might be grave repercussions as to Bitcoin's perception once the enemy is making the most out of it. Western countries and the western media might once again paint Bitcoin in a bad light.

That's another topic, but the Honey Badger don't care.

Quote

Moreover, Bitcoin regulations would definitely be at its tightest.

It's ironic that many people believe that matters because the design decisions made by the Core developers were for decentralization, and censorship-resistance. "Regulations" don't exist in the blockchain.

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Quote from: Wind_FURY on March 15, 2022, 07:09:51 AM

Quote from: Darker45 on March 14, 2022, 10:02:03 PM

Quote from: Wind_FURY on March 14, 2022, 03:31:10 AM

Quote from: Darker45 on March 13, 2022, 10:16:33 PM

As to Russia itself or its banks and huge companies, I think it's hard for them to evade sanctions through cryptocurrencies. But to the Russians who are now deprived of ways to transmit money from their country to the other parts of the world and vice versa, crypto could help. Crypto could also help those who are keeping cash savings as the value of the ruble is spiraling down. And we also know that a lot of Russians are leaving the country. They are limited as to the amount of cash they could carry. Bitcoin is a great option.

It's definitely hard, but in my opinion, it's not impossible. What use is POW in Bitcoin, what use is the preservation of decentralization and censorship-resistance? How long must the protocol keep chugging along until everyone understands the true nature of Bitcoin?

The use of Bitcoin to evade sanctions is limited primarily because of the nature of the sanctions themselves. Currently, the strongest sanctions are directed at Russia's oil and gas, the country's lifeblood. The US has banned all of Russia's oil and gas. EU countries have also greatly reduced their dependence on Russian oil and gas imports. Germany has also halted the Nord Stream 2 gas project.

That's true, but they can start mining Bitcoin by using their stockpiles of oil, and their unused supply of natural gas, and sell virgin Bitcoins, which has higher value.

Well, it's not gonna make them evade the current sanctions but I think it's worth it. Russia should explore Bitcoin mining considering that they have abundant supply of oil and gas. They have the resources to build the largest Bitcoin mining farm in the world. In effect, they will also be earning huge in a currency that cannot be bullied nor censored.

But I wonder how western countries would begin to treat Bitcoin if Russia is fully into it.

Quote

Financial sanctions include freezing the Russian central bank's hundreds of billions of dollar reserves, freezing the assets of Russian oligarchs, among others.

Huge international companies like Coca-Cola, McDonald's, Pepsi, Starbucks, Heineken, Shell, ExxonMobil, Levi's, Nestle, Procter & Gamble, Unilever, and many others have also implemented their own version of sanctions.

In all of these, Bitcoin couldn't be used as a tool of evasion.

That cannot be debated, but as a protocol, and an open, permissionless system that can't be turned off by third parties, wouldn't you agree that Bitcoin is useful? That's where it starts. The dark markets/black markets are next.

I completely agree, although, again, there might be grave repercussions as to Bitcoin's perception once the enemy is making the most out of it. Western countries and the western media might once again paint Bitcoin in a bad light. Moreover, Bitcoin regulations would definitely be at its tightest.

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Quote from: Marvell1 on March 14, 2022, 10:01:09 AM

Crypto are just one of many solutions for Russia to avoid sanctions, Russia has been hoarding foreign exchange and gold for years, showing that it has taken this worst-case scenario into account.
Russia is a great power that won't easily stop fighting unless Ukraine makes concessions. If this war is prolonged, it will affect all the economies of the world, not just crypto, we will enter a new post-pandemic economic crisis.
What we all hope is that the war will end and everything will be back to the way it was.

Russia is not alone in this crisis. The European Union will also be hit with unprecedented sanctions, alongside the rest of the world. However, this crisis will not be solved by Western sanctions, because they can be bypassed by using physical gold and digital money. The West is trying to weaken the Russian state, but if sanctions will be maintained long-term, it will not only end up weakening the EU but the United States too.

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Quote from: Darker45 on March 14, 2022, 10:02:03 PM

Quote from: Wind_FURY on March 14, 2022, 03:31:10 AM

Quote from: Darker45 on March 13, 2022, 10:16:33 PM

As to Russia itself or its banks and huge companies, I think it's hard for them to evade sanctions through cryptocurrencies. But to the Russians who are now deprived of ways to transmit money from their country to the other parts of the world and vice versa, crypto could help. Crypto could also help those who are keeping cash savings as the value of the ruble is spiraling down. And we also know that a lot of Russians are leaving the country. They are limited as to the amount of cash they could carry. Bitcoin is a great option.

It's definitely hard, but in my opinion, it's not impossible. What use is POW in Bitcoin, what use is the preservation of decentralization and censorship-resistance? How long must the protocol keep chugging along until everyone understands the true nature of Bitcoin?

The use of Bitcoin to evade sanctions is limited primarily because of the nature of the sanctions themselves. Currently, the strongest sanctions are directed at Russia's oil and gas, the country's lifeblood. The US has banned all of Russia's oil and gas. EU countries have also greatly reduced their dependence on Russian oil and gas imports. Germany has also halted the Nord Stream 2 gas project.

That's true, but they can start mining Bitcoin by using their stockpiles of oil, and their unused supply of natural gas, and sell virgin Bitcoins, which has higher value.

Quote

Financial sanctions include freezing the Russian central bank's hundreds of billions of dollar reserves, freezing the assets of Russian oligarchs, among others.

Huge international companies like Coca-Cola, McDonald's, Pepsi, Starbucks, Heineken, Shell, ExxonMobil, Levi's, Nestle, Procter & Gamble, Unilever, and many others have also implemented their own version of sanctions.

In all of these, Bitcoin couldn't be used as a tool of evasion.

That cannot be debated, but as a protocol, and an open, permissionless system that can't be turned off by third parties, wouldn't you agree that Bitcoin is useful? That's where it starts. The dark markets/black markets are next.

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Quote from: CaVO32 on March 12, 2022, 06:59:05 PM

I am also with you here. Bitcoin or any other crypto won't be their first alternative choice here but rather other assets like gold. Remember, China banned crypto miners already. So how can they trade crypto with China? So possibly one of the first alternatives is via convert their money to Chinese Yuan or buy gold. Bitcoin as well as crypto may be part of the alternatives but I don't think it would be their main option. They need to consider the other countries that may possibly accept their trade.

That is good if they have more alternative. I don't mean to feel positive towards Russia and I won't forget what they did with Ukraine but what I mean is the blame won't be put all directly to bitcoin or cryptos. China banned cryptos miners already but I think that was long time ago and I think there was a news last time that they re allow it again and also if mining is only banned, the trade can still continue.

Not only in the country of china but you are forgetting the fact that cryptos are online, which means it can be traded on other countries too. Oil is their main option because they have lots of it and then followed by crypto and last is gold.

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Quote from: Wind_FURY on March 14, 2022, 03:31:10 AM

Quote from: Darker45 on March 13, 2022, 10:16:33 PM

As to Russia itself or its banks and huge companies, I think it's hard for them to evade sanctions through cryptocurrencies. But to the Russians who are now deprived of ways to transmit money from their country to the other parts of the world and vice versa, crypto could help. Crypto could also help those who are keeping cash savings as the value of the ruble is spiraling down. And we also know that a lot of Russians are leaving the country. They are limited as to the amount of cash they could carry. Bitcoin is a great option.

It's definitely hard, but in my opinion, it's not impossible. What use is POW in Bitcoin, what use is the preservation of decentralization and censorship-resistance? How long must the protocol keep chugging along until everyone understands the true nature of Bitcoin?

The use of Bitcoin to evade sanctions is limited primarily because of the nature of the sanctions themselves. Currently, the strongest sanctions are directed at Russia's oil and gas, the country's lifeblood. The US has banned all of Russia's oil and gas. EU countries have also greatly reduced their dependence on Russian oil and gas imports. Germany has also halted the Nord Stream 2 gas project.

Financial sanctions include freezing the Russian central bank's hundreds of billions of dollar reserves, freezing the assets of Russian oligarchs, among others.

Huge international companies like Coca-Cola, McDonald's, Pepsi, Starbucks, Heineken, Shell, ExxonMobil, Levi's, Nestle, Procter & Gamble, Unilever, and many others have also implemented their own version of sanctions.

In all of these, Bitcoin couldn't be used as a tool of evasion.

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Quote from: ?? on ??

Quote from: Quidat on March 12, 2022, 05:59:18 PM

Quote from: Obito on March 12, 2022, 06:39:16 AM

The addresses that's sending large amounts of money are going to be investigated and if was proven to be used as a means to fund the war effort, I'm sure that people that has the power and influence are going to make sure that the Russian government won't be able to do that.

For now this is the only thing on which Bitcoin or crypto could really play on on which transactions would be truly anonymous but speaking on evasion on sanctions then it is possible but still be hard
considering that there are situations which do really needed up for those typical transactions and transfers which needing those typical behavior.
Lots of sanctions had been applied against them but doesnt seem that they are been affected that much.

You are right it remains difficult for Russia to evade the sanctions imposed on them through crypto, because not all financial transactions can be
done using crypto. There are some situations where Russia will still have to carry out transactions using fiat, but as you said, Russia seems not afraid of
the many sanctions that are applied to them. It couldn't be helped that Russia was a big country with a strong military, so they still had a way of
dealing with sanctions against them. I also think that the Russian government will not stop the war with so many sanctions against them, there must
be another way to resolve this conflict. If Russia is indeed going to end up relying on crypto for future important transactions, hopefully it doesn't have
a bad effect on the good name of crypto. Because right now the crypto market is in a bad situation, I hope that the war between Russia and Ukraine
will not have a big impact on the future of crypto.

Crypto are just one of many solutions for Russia to avoid sanctions, Russia has been hoarding foreign exchange and gold for years, showing that it has taken this worst-case scenario into account.
Russia is a great power that won't easily stop fighting unless Ukraine makes concessions. If this war is prolonged, it will affect all the economies of the world, not just crypto, we will enter a new post-pandemic economic crisis.
What we all hope is that the war will end and everything will be back to the way it was.

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Quote from: sana54210 on March 14, 2022, 08:36:56 AM

Quote from: CaVO32 on March 12, 2022, 06:59:05 PM

I am also with you here. Bitcoin or any other crypto won't be their first alternative choice here but rather other assets like gold. Remember, China banned crypto miners already. So how can they trade crypto with China? So possibly one of the first alternatives is via convert their money to Chinese Yuan or buy gold. Bitcoin as well as crypto may be part of the alternatives but I don't think it would be their main option. They need to consider the other countries that may possibly accept their trade.

China banned it for citizens, but if Russian oligarchs could get their hands on some Chinese officials and make deals with them, I am sure it could be done. However I also believe that Russians could find some other nations to deal with as well.

I mean this is crypto and where it came from could be hidden if you are rich enough, all you have to do is get some "things" in return of your crypto, and that way you could cash that out in the future or even own things as well. Like they could literally use crypto to buy land area or ports with the money they have. For some reason Russians love ports, and that is what they could do with the money they turn into crypto (I mean oligarchs, not regular citizens)

They can adopt yuan temporarily while their main currency is been sanctioned by many entity. And this will be good to china since it possibly create demand for their own fiat also. They can start to mock up with USD as this could divide the demand of USD since there's yuan that might change everything in economic state. For now China is the solution of Russia so to win this war against western they should cooperate and do some strategic work together.

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Quote from: CaVO32 on March 12, 2022, 06:59:05 PM

I am also with you here. Bitcoin or any other crypto won't be their first alternative choice here but rather other assets like gold. Remember, China banned crypto miners already. So how can they trade crypto with China? So possibly one of the first alternatives is via convert their money to Chinese Yuan or buy gold. Bitcoin as well as crypto may be part of the alternatives but I don't think it would be their main option. They need to consider the other countries that may possibly accept their trade.

China banned it for citizens, but if Russian oligarchs could get their hands on some Chinese officials and make deals with them, I am sure it could be done. However I also believe that Russians could find some other nations to deal with as well.

I mean this is crypto and where it came from could be hidden if you are rich enough, all you have to do is get some "things" in return of your crypto, and that way you could cash that out in the future or even own things as well. Like they could literally use crypto to buy land area or ports with the money they have. For some reason Russians love ports, and that is what they could do with the money they turn into crypto (I mean oligarchs, not regular citizens)

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Quote from: Darker45 on March 13, 2022, 10:16:33 PM

As to Russia itself or its banks and huge companies, I think it's hard for them to evade sanctions through cryptocurrencies. But to the Russians who are now deprived of ways to transmit money from their country to the other parts of the world and vice versa, crypto could help. Crypto could also help those who are keeping cash savings as the value of the ruble is spiraling down. And we also know that a lot of Russians are leaving the country. They are limited as to the amount of cash they could carry. Bitcoin is a great option.

It's definitely hard, but in my opinion, it's not impossible. What use is POW in Bitcoin, what use is the preservation of decentralization and censorship-resistance? How long must the protocol keep chugging along until everyone understands the true nature of Bitcoin?

Darker45

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As to Russia itself or its banks and huge companies, I think it's hard for them to evade sanctions through cryptocurrencies. But to the Russians who are now deprived of ways to transmit money from their country to the other parts of the world and vice versa, crypto could help. Crypto could also help those who are keeping cash savings as the value of the ruble is spiraling down. And we also know that a lot of Russians are leaving the country. They are limited as to the amount of cash they could carry. Bitcoin is a great option.

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It is reported that Binance, Coinbase and Kraken are refusing to freeze Russian crypto accounts. However, it does not appear that these companies have received an official request from the their government to freeze these accounts. It was just an informal appeal from the Ukrainian government to impose such sanctions. Thus, if stronger sanctions are imposed against Russia, it is possible that these companies will follow the same path.

Topic: Russia can evade sanction through cryptocurrencies - page 7. (Read 1885 times)