The possibility of Russia bypassing the US and EU sanctions with cryptocurrency is imminent as the two largest banks of Russia have been restricted from the global economy and blocked from undertaking or performing transactions to aid the ongoing assault on Ukraine.
The President of the United States of America, Joe Biden, on Thursday, announced "strong sanctions" on Russia in response to the Russian invasion of Ukraine. The aim was to limit Russia's transactions with Dollars and other major currencies in the world.
The possibility of this is eminent as no restriction was placed on cryptocurrency transactions. Not to forget that this tactic was used by Ukraine as their financial accounts were restricted from receiving cross border donations.
A report revealed that Ukraine's NGOs and Volunteer groups received over $500,000 donations through cryptocurrency, bypassing the restrictions placed on the various accounts of supporting NGOs and Volunteer groups.
So, therefore, Russia could as well result into using crypto to bypass strict sanctions placed by US and EU governments.
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