Let's Connect fastest growing future tech web 3.0 blockchain group to connect & share with same minded people
How Russia is using Cryptocurrencies to avoid US sanctions over Ukraine
News
US sanctions
US president Biden appealed to impose harsh economic sanctions on Russia over its capture of Ukraine. In simple terms, the US has banned economical sources from the US to Russia. So, Russia will not get enough funds to fight against Ukraine.
How does Russia escape from US sections using cryptocurrencies?
Russia is using cryptocurrency as a sword against these harsh economic sanctions and finding its way of collecting funds.
Russia is in search of other alternatives which abides by its economic dependency on the US. The Russian government introduced a “digital ruble” in 2020 in hopes of lessening its dependence on the global banking system.
Before battle situation
Till now Russia is avoiding cryptocurrencies as its citizens would not find any personalized medium of trading internationally without the central authority. But due to recent scenarios, crypto trading makes Russia independent when other countries are not willing to trade with them.
Possibilities
Russia will trade internationally through cryptocurrencies. Though the US abides Russia directly, it can use a decentralised way of gathering enough funds for machinery and equipment.
Author Name : Kiran Sagar
