Quote from: Bitcoinpoly on Today at 02:45:15 PM

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

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

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Cryptocurrencies can be decentralized but centralized exchanges and centralized wallets are not decentralized, only centralized exchanges and wallets is what I are talking about. For people that are using decentralized wallets, there is nothing because the have the control, not the exchanges. But Russians can turn to decentralized means though.

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.

Similar issue of this nature is already playing out in the situation between Israel and Iran. BingX has been called out to be rendering some sort of support to the Iranians by allowing them carry out transaction which is aiding their terrorist actions, this obviously is against the rules by the regulatory bodies.

Seems like isn't a fair play either because from the comment section, someone wrote about Coinbase banning some Russia account. Meanwhile the cex you mentioned I learnt they have no kyc it can actually lead to illegal activities. Not like all of them are into illegal act but the case in which kyc isn't needed to withdraw a huge amount of money is quite alarming