Billionaire oligarchs close to Russian President Vladimir Putin could potentially blunt the effects of the sanctions thanks to cryptocurrency, according to experts.
close to Russian President Vladimir PutinThe decentralized nature of digital currencies like bitcoin and ethereum allows governments and non-governmental entities alike the benefit of peer-to-peer transactions — regardless of whether they are cut off from traditional banking services.
Digital currencies like bitcoin are moved through peer-to-peer transactions and do not need to go through third-party institutions like banks, which can block the movement of traditional fiat currencies.That is why digital currencies have become the preferred method of money laundering by some international criminals. Other governments that have been the targets of sanctions, including Iran and North Korea, have relied on digital currency to mitigate their effects.
So far, Russian authorities have been lukewarm to cryptocurrency for fear that giving citizens another avenue of financial transactions would dilute the government’s grip on domestic monetary policy.
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