Economist says Russia may bypass sanctions by using Crypto
Alex Kruger explained how Russia can bypass the imposed financial sanctions of the EU & US with the help of Cryptocurrencies.
Due to Russian president Putin’s invasions of Ukraine, many countries criticized Putin for such a terrible decision in this modern world. Due to many reasons, Other countries are not trying to attack Russia directly but the majority of them are imposing restrictions on trade and financial services so that they can isolate Russia from the global economy.
On 25 Feb, Alex Kruger, an expert in economic matters, shared his point of view on these Sanctions imposed by countries on Russia and noted that crypto will be helpful for Russia to bypass this situation, so don’t expect much and nothing is going to happen against Russia.
Alex noted that such steps by Russia will impact the crypto industry negatively.
However, the majority of the people will think that it is good that Russia will use crypto and it will further introduce more support for crypto but in reality other countries will impose huge restrictions or may crush this industry so that Russia can’t use this industry for his own needs under the sanctions.
“US regulators would be pushed to crush the industry as a matter of national security.”
Crypto has negative and positive points
Recent two big situations clearly showed a mirror to the critics of crypto.
Recent Canadian protests showed their bullish action against the Government on behalf of crypto assets-based funding support. And secondly, Ukraine is using crypto to accept donations from the whole world without any restriction of fiat currency difference.
In the present time, the Crypto industry is in its initial phase and it is still growing but its small support for the people under such critical situations is showing that there are huge things to see in the future with crypto.
But the negative thing is that government agencies don’t think that there should be decentralized system-based currencies in the world.
Read also: Former “Hacker of the Year” says crypto is need
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