published nuanced analyses of why Russia’s elites can’t effectively substitute access to SWIFT with crypto, putting forward several key reasons.
Crypto’s current capacity to serve as a stealthy, fast, cheap tool for transferring big money from sanctioned jurisdictions elsewhere seems rather limited compared with that of the existing web of offshore infrastructure that has been sheltering wealth of any origin for the last 50 years.to support the global effort to stop Russia’s actions in Ukraine and comply with existing Anti-Money Laundering and Know Your Customer standards.
“In my view, the Ukraine crisis and related sanctions pose a massive challenge to the crypto industry. If cryptocurrencies are used to evade sanctions, a strong regulatory crackdown should be expected. Sovereign nations are highly unlikely to tolerate the loss of capacity to impose sanctions.” The endgame of the discussions between global regulators and the crypto industry would be defined by the latter’s willingness to give up more around anonymity and decentralization, which are vital parts of its DNA.
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I don't think that it's possible to bypass sanctions with crypto. If usdt, btc block, innocent people will suffer
I wonder how they will finally turn crypto into cash or create isolated only crypto system of payments?
Correction: Western powers won't spin it that way in the media to get people on board with why they want you to use CBDCs. They have to sell CBDC as the way to fix the illegal uses of Bitcoin. Create the problem, sell the solution with fear. Take power. This is the mantra.
This invasion has affected absolutely every sphere of the economy, politics and society. At least we will see it soon. And crypto must now prove that it can self-regulate and get in the way of evil without external influence.
Human stupidity is limitless....like blaming a gun for murder..
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Crypto is 12 years old (at most) evasion of sanctions exist for longer than that. stop fudding crypto.
The business reacted quickly to the extensive charges, both verbally and physically.
It’ll be bad 🥶
Nobody should see it that way if Russia uses it to bypass sanctions.
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This all seems silly. Either crypto is for everyone or you make up your mind
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this is also trash. how did they manage to track and freeze crypto assists in the Canadian 'freedom convoy' BTC is run by the FED - wake up!!
Already acting like big banks.. pathetic. This goes against everything cryptocurrency is about.
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Bitcoin is a gun.
What's needed is a framework — specifically, mechanisms to keep these unbacked cryptocurrencies from being used for terrorist financing, general criminal activity, tax evasion, and other activities.
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I mean it’s okay for Russians to use crypto. It’s probably their only way to survive. So, I would get my fiat and change it for tether than buy some BTC on their place.
Crypto is almost all about good... unfortunately, Russians could use it to evade sanctions, but how they are going to withdraw?
Well, they found a way to accuse crypto of being used by 'bad' people for 'bad' purposes again lol let's wait for more upcoming regulations
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Russia will be adopting crypto Bitcoin Etherum soon
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