Earlier, UK Prime Minister Boris Johnson unveiled Britain’s largest-ever package of sanctions against Russia, targeting banks and wealthy Russians.
However, those measures are becoming increasingly easy to evade, thanks in part to a surge of cryptocurrency adoption in Russia, reports CNN.The increased adoption of cryptocurrencies is helping Russian President Vladimir Putin evade the first wave of financial sanctions from the West and the country may legalise cryptocurrencies in order to sustain and virtually avoid all the sanctions as it invades Ukraine, the media reported.
US President Joe Biden has announced new sanctions and limitations on what can be exported to Russia. The US will block five of the biggest Russian banks and freeze all assets they hold in America, worth over $1 trillion. Earlier, UK Prime Minister Boris Johnson unveiled Britain’s largest-ever package of sanctions against Russia, targeting banks and wealthy Russians.
However, those measures are becoming increasingly easy to evade, thanks in part to a surge of cryptocurrency adoption in Russia, reports CNN.
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A statue honouring mysterious Bitcoin founder Satoshi Nakamoto was unveiled in a business park near the Danube River in the Hungarian capital Budapest
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“If the Russians decide – and they’re already doing this, I’m sure – to avoid using any currency other than cryptocurrency, they can effectively avoid virtually all of the sanctions,” Ross S. Delston, an expert on anti-money laundering compliance, was quoted as saying in the report. Bitcoin surged to $39,000 in a quick rally following Biden’s sanctions.
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