Post
Topic
Board Economics
Topic OP
Russia can evade sanction through cryptocurrencies
by
_act_
on 08/03/2022, 07:36:05 UTC
The Russia's central bank wanted cryptocurrencies to be banned in its country but the Russian president, Vladimir Putin said bitcoin mining and other crypto mining will be beneficial for Russia. Some.peolle at that time have been supectimg this could be a move nmby the Russia president that he is planning to invade Ukraine which will result to sanctions, thinking cryptocurrencies  could be a means to evade sanctions and make it less effective.

Ukrainian Vice Prime Minister Mykhailo Fedorov demand crypto exchanges to freeze all Russian accounts so that the sanction can be effective, but most exchanges had not supported this. I read few days ago that cryptocurrencies may have monmuch to help in Russia sanction but FinCEN concluded that cryptocurrencies can be used in Russia sanction evasion.

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?