Can cryptocurrencies like bitcoin be used by Russia to avoid sanctions? That’s one of the big questions that have been raised during the war with Ukraine.
This has led to a debate about whether cryptocurrencies, especially bitcoin, could be a way for those on sanctions lists to evade the restrictions.
Meanwhile, there isn't enough liquidity for Russian oligarchs and companies to move their money around. "It doesn't matter if your company handles dollars, crypto, gold, real estate or even non financial assets. Sanctions laws apply to all US people and businesses," Armstrong said. Coinbase's Armstrong said"some ordinary Russians are using crypto as a lifeline now that their currency has collapsed."
"A safe haven is an asset that retains its value during times of market turbulence. Crypto has aggressively sold off since it was clear the Fed were going to hike rates faster than anticipated which in turn saw stocks sell off. This is not the definition of a safe haven." But many cryptocurrencies still suffer from high fees and slow transaction speed. They haven't necessarily seen mass adoption for things like payments.to fund its military, among other things. Ukraine has raised over $50 million via cryptocurrencies, according to analytics firm Elliptic.
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