Quote from: avikz on March 08, 2022, 12:48:49 PM

Quote from: cheezcarls on March 08, 2022, 12:34:29 PM

Even from Binance CEO Changpeng Zhao himself saying that cryptocurrencies won’t help evade sanctions.

But from my own perspective, Russia can possibly evade sanctions if they turn towards full decentralization or exchanges refusing to ban Russians from using their respective platforms. Like for instance, mandating all businesses to accept crypto payments by using non-custodial wallets.

No matter what CZ says, it needs to be noted that CZ denied blocking Russian accounts from Binance through a rightful decision. So not sure why he thinks that cryptos can't help Russia evade the sanctions.

Russia can certainly try this. But considering the global sentiment is against Russia right at this moment, it may not be beneficial for them. Their internal economy can be supported by cryptos but the global trade won't go through crypto route.

The logic is that, if Russians want to hold wealth in another currency, it would be difficult, if it is all about just paying someone in another nation, then they could do it. The difference is that, if you want to pay me, someone who is not Russian, you can and Russia will be losing money there, whereas they will get something from me.

But, if you are a Russian wealthy person, then you can't just use crypto to take it out and turn it into another fiat. You can't just buy bitcoin with ruble, then turn that bitcoin into dollar and put that dollar into your bank account. Bank will notify the government and government will freeze your account and your money would be gone.