Is there a need to worry? Experts on crypto policy argue that concerns expressed by high-profile politicians about Russia evading economic sanctions using cryptocurrency are “totally unfounded.” (Reporting via NewarBrian)
Experts on crypto policy argue that concerns expressed by high-profile politicians about Russia evading economic sanctions using cryptocurrency are “totally unfounded.”
The country has been mostly cut off from the SWIFT cross-border transaction system, and businesses in America and other western countries areJake Chervinsky, head of policy at crypto policy promoter the Blockchain Association in the U.S., posted a lengthy Twitter1/ Russia can't & won't use crypto to evade sanctions.
Finally, the country has spent years trying to “sanctions proof” itself but has failed to build any meaningful crypto infrastructure or even. Chervinsky said that crypto simply does not appear to be part of Russia’s plans to mitigate the effects of sanctions. Ari Redbord, head of legal and government affairs at crypto crime investigator TRM Labs, said the transparency of blockchain was a natural deterrent to sanction evasion in this case.
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