Topic: Russian individuals are using crypto to bypass sanctions - page 2. (Read 819 times)

After so many sanctions imposed by the UK and US, Russia had only the option of adopting cryptocurrency.

Even if you need to get a new smartphone besides the way of paying for it (and bitcoin can help to bypass sanctions this way) you need a way of getting it. And if it is prohibited to send it into Russia then first step with paying for it will not work anyway. So bypassing sanctions is a complex problem. Goverments which implement sanctions can work on not to let to import prohibited goods.
If you want to buy something from the country which is not supporting sanctions you can use or some of currencies of countries which are not supporting sanctions also, you can use gold, you can use barter etc. China is a neighbor country and there is no need to bypass sanctions with bitcoin, there are many more options.

So if someone wants to get some new gadget for his own it is not a real problem for the goverments which implement sanctions. And if there is a large volume merchandise imports they can prevent it from the areas they control and can't for the countries which are not supporting sanctions.

Russians use cryptocurrencies to avoid sanctions from various countries, Russia can indeed avoid sanctions using cryptocurrencies because of its dentrelized nature, but Russia must have its own obstacles because binance has blocked a number of Russian clients, can Russia avoid sanctions if they switch to crypto currency,??

Well from every point of view it is clear that the sanctions are destroying Russia from its economic entrails and this is something that Putin knows and that everyone knows, the exits and solutions for the Russians are obviously BTC, cryptocurrencies and blockchain technology, while they have Internet service I think they can defend themselves, and this causes a business model in many, especially for the Exchanges that allow Russian clients, since it is like a monopoly that continues to receive money and in any crisis it is difficult to see solutions , but when they find it, that is where everything begins, so all is not lost for the Russians, they still have very good tools to get ahead.

If that was the case then we would see a HUGE increase in monero as well. We were in a good bull run and some coins increased more than others as usual, wave must have been hitting right there. If the problem was KYCless, then how could you withdraw fiat to your bank account?

I am pretty sure you couldn't do that, you need to give your KYC in order to get money, if the only point is to make sure that you can buy crypto without showing your KYC then you could already do that inside Russia anyway. This is why it is clearly obvious that we are not talking about wave increase in price somehow related to Russians bypassing sanctions, doesn't look like there is a relevance there.

It's a difficult time, people are running away, ...but business is booming in Russia!
The fact that one business is booing is hardly an indicator for the entire country, and you know that very well, the fact that people are leaving with their money in a suitcase and are buying property abroad means one single thing, they fear that the money and real estate in Russia will be worthless after that.
How many times in 40 years does Russia/USSR have to collapse bankrupt in order to finally get it?

And btw, about that booming, we had a discussion about Russian technology, I'll bump that topic with the latest news about it, it would have been funny if it wasn't pathetic.


Yeah right, Bitcoin will definitely work, Satoshi himself will materialize grab a gun, and shoot all the executives from Boeing and Airbus unless they sell airplane parts to Russia, then he will go to Maersk as they need a company to actually ship that, then to TSMC for the chips, then...
You're forgetting one thing that Bitcoin wasn't designed for, be capable of forcing somebody to deal with you even if they don;t want.

As for Cuba, it's only the US who has sanctions and not covering food and medicine against them...now cut from this image all the other countries that are sanctioning Russia:

Individuals in Russia can avoid the sanctions if they choose to operate using Bitcoin. Russia as a nation doesn't have any other way to avoid sanctions other than using their own currency to conduct commerce, which they have openly said is the plan with countries they deem unfriendly. It used to be that Russia and other countries would use USD as a reserve currency. That isn't the case anymore. If they wanted to use Bitcoin to avoid sanctions outright, they needed to increase their reserves to the tune of billions in bitcoin/crypto years ago. They can't start after the sanctions are already in place with Rubles in the ground and expect to be successful.

Free for everybody to get involved with and it is indeed the true meaning of decentralization and its true that there's nothing we could do about it since anyone could freely make use on that particular
usage or utility which does really proves out that it is indeed helpful on these kind of situations on saving up themselves with those sanctions been implied.I could not blame nor point fingers
that they are doing the wrong thing which it is really just normal for someone on finding alternatives around and crypto would be the nearest option to that.

This has been known for a while, and I have to say it is a good win for crypto all around. Just because you do not like some people (or maybe you like them) doesn't mean that they shouldn't be able to use bitcoin. If that was the case, then we would have centralization.

You need to accept that people who buy and sell drugs, hell even terrorists WILL use crypto, that is what decentralization brings. But that also means that we are using a currency that nobody controls and that is the decentralization part that makes it so beautiful. I personally love the current situation and I would love to let the Russians overcome the sanctions easily, to show the power of bitcoin.

What about btc and other cryptos? Why waves is the only crypto you mentioned here. hmm? Is this a special shill post? Or maybe you are holding some of this coin but you can be right about the wallet part. Metamask and other dex wallet that we know are not really a true dex, they are showing their colors lately. They are now doing actions to prevent the users on the restricted list from doing a transaction.

Maybe this waves wallet can be a great alternative to them. Cryptos are on their way to the bull run so they are going to increase even without the help of the Russians. Waves is one of the top coin so it can surely be included in bull.

Of course they have, that's the whole point, its all or nothing.

Bitcoin was designed to bypass the State, or a coalition of States. You cannot have "good coins" and "bad coins", that is an artifact of fiat (or society). If you have an issue with "bad guys", go after the bad guys and leave money alone.

"Freezing assets" is exactly the kind of thing Bitcoin was designed against. The thing is, certain rulers like to use it for themselves, but not let the people use it. For example, prior to this war, Russia was simply telling miners that it was ok as long as you sell ALL your bitcoins to the central bank of Russia... So, no. Does someone remember when the USA decreed that no one could possess gold and had to sell it all to the State? Yeah...

If Putin can use it to buy weapons to China, so can the common Russian citizen use it to send money for Ukraine defense. Its both or none.

There is no good money or bad money, there is money, State hands off.

Oh, did you already forgot when the State of Canada wanted to freeze assets to people sending funds to protesters?

Bitcoin will work, with or without the State supporting or blocking it. It was designed to work independently, that's the whole p2p thing, the REAL p2p thing which is wallet to wallet, no middlemen, no exchanges, no banks, and no State.

You say they are purchasing properties in the middle east? Prove it and go seize those properties. Leave money alone. You can try but you will fail, sanctions never work. Ask Cuba, etc...

This post was written from a "sanctioned" country, we are still oppressed, and more poor, thank you very much...

That's what's probably going to happen and it's going to be difficult for the Russians to convert those cryptocurrencies that they're using when they finally need to use it because they're going to still need fiat to continue functioning as a country and as an economy and I don't think that they're not doing something that's permanent.

Could the $WAVES pump because.of the Russians trying to by pass the KYC of exchanges?

I've not seen how fast the growth of the price since last month. It did surpass its ATH already. I'm thinking they are moving to Waves because its  hybrid wallet with exchange in it that doesnt ask KYC. With WAVES, its all they need in a one stop platform.

It's possible but they will find it a bit challenging on doing a cross border transaction, though there might be some other means for them.  I read on the news that they're banned from trading on exchanges, but if they're bypassing sanctions using crypto, I think the major issues they're going to face is that they can only transact on platform that accept crypto as method of payment or deposits.

Perhaps they could ask a relative, a friend, or any other people they know for a little favor of conversion of fiat to crypto to jump around the restrictions of the central exchangers. That way, they could utilize their money amidst the sanctions imposed to them. For sure, most people in Russia know someone outside the country whom they trust on to do them a little thing for the sake of survival.

Although I don't really know how long they will be able to do this. Because after all, people have their own lives to attend to. Hopefully, the conflict between the two countries will be over soon so that the sanctions would be lifted and the innocent citizens lives will come back to normal.

The aspect of it that remains a mystery is when the investstor are selling off their crypto assets start for real estate business in UAE, why converting crypto asset into real estate when fiat is there remain questionable.


Infact UAE is fast growing in cryptocurrency ever since  the sanction placed on Russia, just as it is well known as the center for commerce.

Russia invaded Ukraine, and now the sufferers are Russian people and the Ukrainian common people. Till date no news came out mentioning the death of officials in the war. Soldiers and the common public have lost their lives. During the initial days of the war, Russian billionaires made talks with Putin, but nothing good happened out of it. Slowly the sanctions made people suffer more. By the time cryptocurrency helped to withstand the situation.

There were requests from Ukraine to stop the service of cryptocurrency Exchanges, so to make the sanction more effective. Most of the Exchanges ignored and thats how Russian people are now living. This increase in the usage of bitcoin resulted in the growth of bitcoin irrespective of the war.

A lot of people already knew that’s what they would do. When they have already declared Bitcoin legal in their country, what do you think would happen? They did that so that they will be able to circumvent the sanctions that were being put in place against them. So, it is not a surprise to me that it is all happening.

Even if it wasn’t a legal asset in their country, they (Russian citizens) are still going to make use of it, because you don’t need the government approval before you can make use of Bitcoin since it is decentralized. Most people there now would be see Bitcoin as a good option for them to hold now that their fiat is losing so much of value.

Russia is currently receiving sanctions from various countries in the world and Europe, if this is true, it is already starting to do cryptocurrency in an effort to improve and stabilize the economy in its country, of course this can indirectly increase bitcoin growth, especially regarding bitcoin prices on the market. global stocks and we really hope that this will actually be fully realized

This was obviously going to happen, with such stringent sanctions in place in almost each and every sphere from banking to social networking, there is just crypto sphere left which has unanimously decided not to put any sanctions against Russia. All the exchanges, mixers and wallets are still open to Russian people so there is only one legitimate way Russians can move their money, I think this can prove to be really good for crypto world who knows the price of bitcoin might be rising due to this reason only.