Express
Russia's Crypto Gambit: Will It Evade Sanctions?
Summary: Russia is preparing to trial cross-border crypto payments in an effort to bypass international sanctions, starting next week. The new law, signed by President Vladimir Putin, hands significant control to the central bank to oversee this experimental regime. While the legislation allows for these transactions, many specifics remain vague, leading experts to question its effectiveness. ...
Russia is preparing to trial cross-border crypto payments in an effort to bypass international sanctions, starting next week. The new law, signed by President Vladimir Putin, hands significant control to the central bank to oversee this experimental regime. While the legislation allows for these transactions, many specifics remain vague, leading experts to question its effectiveness. The traceability of blockchain transactions could make it difficult for Russia to fully evade sanctions, potentially prompting even tougher enforcement measures from Western governments.
Moreover, there are concerns about the practicality of this approach. The central bank's broad authority to establish and modify the regime adds uncertainty, and the crypto markets may lack the liquidity to support large-scale evasion without drawing significant attention. Additionally, it remains unclear whether foreign partners will be willing to engage in these risky transactions. As Russia moves forward with this strategy, the global community will closely watch how this experiment unfolds and whether it can truly mitigate the impact of sanctions.
Tags: Crypto,President Putin,Russia
Link: Russia's Crypto Gambit: Will It Evade Sanctions? [Copy]
