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Russian Oligarchs Are Avoiding Sanctions By Using Crypto
Posted
March 14, 2022
Views
30
Likes
1
Engagement
3.33%
March 14, 2022
30
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3.33%
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1:28Now PlayingRussian oligarchs are avoiding sanctions with crypto. How? Check out the video to learn more.
Welcome back to Bold TV with Drew Richardson. Be sure to like, comment, and subscribe to Bold TV for all things Bold.
The international community has reacted in an unprecedented way to the Russia-Ukraine crisis. Many countries, including the United States, the United Kingdom, Taiwan, Japan, and the European Union, have imposed major sanctions aimed at suffocating Russia's economy.
Is crypto, on the other hand, allowing Russian millionaires and billionaires to avoid the painful effects of sanctions, making the sanctions less effective? Yes, for the time being.
Because of widespread skepticism of the banking system, Russia has a sizable crypto user base. So, while Russian currency is being impacted by sanctions, crypto investors have discovered a method to circumvent the laws, but there are efforts underway to level the playing field.
Ukrainian Vice Prime Minister Federov tweeted, “I'm asking all major crypto exchanges to block addresses of Russian users? It's crucial to sabotage ordinary users.”
Binance, a cryptocurrency exchange, has said that it will restrict Russian users who are directly targeted by sanctions, but regular users will be unaffected. Ultimately, the nature of crypto makes it difficult to govern. Even individuals who have been banned from Binance can build a plethora of alternative nontraceable virtual wallets.
This jeopardizes the effectiveness of international sanctions, which has never been seen before on this magnitude. Since the rise of cryptocurrency, new restrictions are likely to be enacted to prevent this from happening again.
Are you concerned about Russia using crypto to escape the blow of sanctions? Let us know in the comments below.
Make sure to subscribe to Bold TV, and follow us as we keep you up to date on all the latest news.
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