Quote from: _act_ on March 08, 2022, 07:36:05 AM

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 people at that time have been supectimg this could be a move by the Russia's president that he is planning to invade Ukraine which will result to sanctions, thinking cryptocurrencies would be a means to evade sanctions and make it economically 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 did not support this. I read few days ago that cryptocurrencies may not help in Russia sanction but FinCEN concluded that Russia can attempt to use cryptocurrencies to evade sanctions.

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?

This perception that cryptocurrency can be a way for countries to evade sanctions, organizations and individuals to launder drug money and terrorism is what is making people to have biased opinions about crypto in general. It looks as if cryptocurrencies are being created for the wrong reasons, meanwhile a cryptocurrency like Bitcoin, was created for privacy and freedom from any centralized third party. I don't know how far, any country can evade sanctions through cryptocurrency, but all I know is that it's not meant for any negative purposes.

As for the Ukraine, vice prime minister demanding exchanges to freeze all Russian accounts will not make any meaning, so far the exchanges are not affiliated to Ukraine.