Since Russia began its invasion of Ukraine, governments worldwide have raised concerns that cryptocurrency could be used to circumvent sanctions placed by Western nations.
The CEOs of two leading cryptocurrency exchanges have shared their thoughts on whether crypto can be an effective tool to circumvent sanctions. Binance CEO Changpeng Zhao was quoted by the Guardian as saying: Currently, the media and politicians are spending a lot of effort and focus on crypto and sanctions. The truth is, crypto is too small for Russia.
“If we look at the crypto adoption today, there is probably about 3% of the global population with some kind of crypto exposure ,” Zhao continued. “Of those, most only have a small percentage of their net worth in crypto. Less than 10% on average. So, there is probably only less than 0.3% of the global net worth in crypto today. This percentage applies equally to Russia.”Another reason Russia would not want to use crypto is that it is too traceable.
Furthermore, Zhao said using privacy-focused cryptocurrencies, such as monero, would not work either because the market capitalization ofCiting that every crypto transaction can be scrutinized by anyone, the Binance CEO stressed that crypto assets are “not an effective tool for illicit activities.”We don’t think there’s a high risk of Russian oligarchs using crypto to avoid sanctions. Because it is an open ledger, trying to sneak lots of money through crypto would be more traceable than using U.
But I use cryptos secretly and nobody can track it cause my crypto wallet is non-custodial.
so what is the option of Russia to choose? if Bitcoin and ETH now also bearish?
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And what about citizens? They won’t be able using crypto as well? That’s sad. I hope my holdings are safe on finex.
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There are always loopholes. Binance and Coinbase owners do not want Cryptocurrency look bad amidst the war.
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Then all black hat hackers should be arrested, trace them 'easily'.
Russia think it’s too traceable, and American government think the opposite. Funny how that works
If cryptocurrency is easily traced then why are governments pretending to be illegal?
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