As sanctions rain on Russia, following the Kremlin’s decision to invade Ukraine, media reports have suggested that they are unlikely to limit the country’s access to crypto assets. While the Russian elite may use them to circumvent restrictions, ordinary Russians are also likely to keep trading digital coins on foreign platforms.
-via news.bitcoin.com
Digital currencies such as bitcoin, often traded on decentralized platforms thus, making it hard to control.
Russian billionaires, those who have been targeted already, can potentially utilize cryptocurrency to evade the sanctions
CEO of financial advisory firm Quantum Economics, said:
If a wealthy individual is concerned that their accounts may be frozen due to sanctions, they can simply hold their wealth in Bitcoin in order to be protected from such actions.
