The NYT: Russia May Use Bitcoin to Avoid Sanctions
The New York Times experts believe that without digital assets, it would be impossible for Russia to survive the US sanctions pressure.
The publication analysts believe Russia’s movement towards the legalization of cryptocurrencies could be a way to circumvent American and European sanctions:
“When the United States banned Americans from doing business with Russian banks, oil and gas and other companies in 2014 after the invasion of Crimea, the blow to the Russian economy was swift and devastating. According to economists, the sanctions imposed by Western countries cost Russia $50 billion annually. Since then, the global market for cryptocurrencies and other digital assets has exploded. This is bad news for the security forces and good news for Russia.”
Some believe that Bitcoin could be one of the most important issues in the confrontation between Russia and the United States:
“Sanctions will inevitably be met by Bitcoin and this fact is neither positive nor negative, but investors in cryptocurrencies need to be careful.”
