The recent sanctions announced against Russia might carry less weight in a country that is taking steps to legalize cryptocurrencies and where the digital assets are already widely owned. Typically, nations employ physical workarounds to avoid sanctions, such as Venezuela and North Korea’s use of ship-to-ship transfers of fuel, but digital assets like crypto and decentralized exchanges could become the most effective way to circumvent penalties.
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Cryptocurrency is a potential new tool for billionaires to avoid sanctions
“Neither dictators nor human rights activists will encounter any censor on the Bitcoin network,” said Matthew Sigel, head of digital assets research at investment manager VanEck.
