A coalition of countries including the U.S. and European Union want to freeze the Russian central bank’s international reserves and lock (some) Russian banks out of the global financial system. State of Crypto newsletter by nikhileshde
And you know what? I think it might be. Ukraine suspended electronic money transfers and its ATMs are running out of cash but the country has received– both the government and charity/NGO groups – that are being used to purchase critical goods.
Russian oligarchs or individuals might be turning to crypto as a flight to safety after the Russian ruble crashed. As I stated last week, I do not mean to minimize the loss of life or scale of destruction in any way. This is a tragic and unnecessary war launched by a would-be emperor. That being said, all of the conversation surrounding this so far sounds like it’s an asset or a tool, rather than a currency existing within its own circular economy. My view is basically unchanged from, but we’re not yet seeing a scenario where bitcoin is being used solely as a means of exchange.
Russia’s response to these sanctions so far seems to have been to double down, which in turn will likely lead to further economic sanctions.
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