“We believe Washington is worried that Russia will use crypto to evade sanctions,” said the analyst. cryptocurrency bitcoin $BTC
Russia could turn to cryptocurrency if it is banned from the SWIFT payments system. Analysts have warned that if Russia is able to use crypto to evade sanctions, “political support in the U.S. for crypto will fall and regulatory risk will rise.”Amid growing talk of banning Russia from the SWIFT global interbank payments system after its invasion of Ukraine, some analysts have warned that Russian President Vladimir Putin could turn to cryptocurrency to evade sanctions.
Seiberg believes that since most global trade is still dollar-denominated, it could be challenging for Russia to use crypto to evade SWIFT. If Russia is unable to use cryptocurrency to circumvent sanctions, however, analysts believe that it could boost the viability of crypto in the eyes of regulators.
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