Altcoins Talks - Cryptocurrency Forum

Further Discussions => Legality & Taxation of Cryptos => Topic started by: sirty143 on April 07, 2022, 12:47:28 PM

Title: Bank of Russia Rejects Idea of Using Cryptocurrency to Circumvent Sanctions
Post by: sirty143 on April 07, 2022, 12:47:28 PM

Bank of Russia Rejects Idea of Using Cryptocurrency to Circumvent Sanctions

(https://i.imgur.com/VhABYQum.jpg)

The Central Bank of Russia has turned down a proposal to allow the use of digital currencies for the purpose of sanctions evasion. The monetary authority believes this is hardly an option as Western regulators... See more for yourself here (https://news.bitcoin.com/bank-of-russia-rejects-idea-use-cryptocurrency-to-circumvent-sanctions/).

Your opinion is greatly appreciated.

Title: Re: Bank of Russia Rejects Idea of Using Cryptocurrency to Circumvent Sanctions
Post by: Alcor on May 07, 2022, 05:49:06 PM

Well, this is called international sanctions in action. Many on this and other similar forums believed that cryptocurrency could help Russia bypass the imposed sanctions and no one could prevent Russia from doing this. But as we can see, effective bans and restrictions are quite possible in this sector as well. Of course, the Russian government can use cryptocurrency somewhere to circumvent sanctions, but they will do it covertly and without the adoption of a relevant law. But it will not be systematic and in large volumes.