Bitcoin prices surged 10% on Monday as sanctions were imposed on Russian institutions including its banks — in response to Russia’s invasion of Ukraine.
The U.S. has responded to Moscow's unprovoked attack on Ukraine with several rounds of sanctions on Russian banks, its central bank, the country's sovereign debt, Vladimir Putin and Foreign Minister Sergey Lavrov.
If not for bitcoin, Mobius said, the Russians would be"really in trouble with all the closures of the different avenues for them to transfer money out." However, crypto can't be used"on the scale that would come anywhere near for solving the sanctions problem," said Redbord, who is head of legal and government affairs at the firm.
Redbord also said most of the liquidity is at large crypto exchanges that have"robust compliance controls" to monitor transactions that would file suspicious activity reports.Mobius urged investors to diversify their portfolios and buy some gold as geopolitical tensions spill over into markets.
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