Russia-Ukraine conflict has led to a global economic turmoil. Economies like the United States, Canada, United Kingdom, and European Union have announced several sanctions targeting Russia and its central bank. Many economists believe Cryptocurrencies can help Russia in evading economic sanctions , but is it true?
Need of Crypto Sanctions against Russia?
US Senator Elizabeth Warren urged financial regulators to implement tighter regulations against Russia as the threat of crypto adoption by the country is on a surge.
Cryptocurrencies risk undermining sanctions against Russia, allowing Putin and his cronies to evade economic pain.
U.S. financial regulators need to take this threat seriously and increase their scrutiny of digital assets. https://t.co/4lCUNcUC29
— Elizabeth Warren (@SenWarren) February 28, 2022
Since the U.S. and EU banned several Russian banks from the SWIFT system, a debate over ‘Russia using Crypto to evade the Sanctions’ has broken out. However, many crypto
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