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?

I don't think it is good for the opposite parties to use cryptocurrency to sanction Russia. This doesn't make any sense at all. The marin reason why Bitcoin was established is to help us rule out the government dominance to our funds so we don't always depend on the government for everything we have to be processed by them before we do anything. Cryptocurrency is meant to be easy and processed without any third parties. Now the government is trying to shift the sanction to include crypto which doesn't make any sense at all. They can sanction and do whatever they like but that should not include cryptocurrency.