{"id":484502,"date":"2022-02-24T19:13:03","date_gmt":"2022-02-24T19:13:03","guid":{"rendered":"https:\/\/ktsl888.com\/?p=484502"},"modified":"2022-02-24T15:00:10","modified_gmt":"2022-02-24T15:00:10","slug":"wide-range-of-cryptocurrency-tools","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/wide-range-of-cryptocurrency-tools\/","title":{"rendered":"Russia Can Avoid Sanctions By Using A Wide Range Of Cryptocurrency Tools"},"content":{"rendered":"
As the Biden administration slaps economic<\/span> sanctions<\/span><\/a> against Russia to contain the crisis in Ukraine, Russia is using various cryptocurrency tools to maintain access to foreign capital.<\/span><\/p>\n As Russia attacked Ukraine, cryptocurrency prices fell sharply. On Thursday morning, Bitcoin prices declined to more than 8%, to settle at $34,702.18, marking its lowest level in around a month.\u00a0<\/span><\/p>\n Ether fell more than 8% to trade around $2,407.47.<\/span><\/p>\n Related Reading |\u00a0Quant Explains How Bitcoin NUPL Can Help Predict Bull Cycles<\/a><\/em><\/strong><\/p>\n Economists have approximated that the U.S. sanctions would cost Russia around $50 billion annually.<\/span><\/p>\n However, the Russian government seemed to have prepared themselves for the worst by connecting with financial networks who are willing to work with them.\u00a0<\/span><\/p>\n One of which is linking with digital currency firms who do not undergo any government regulation and function independently on blockchains.<\/span><\/p>\n \u201cRussia has had a lot of time to think about this specific consequence. It would be na\u00efve to think that they haven\u2019t gamed out exactly this scenario,\u201d Michael Parker, a former federal prosecutor in an interview with the New York Times, said.<\/span><\/p>\n <\/p>\n Economic sanctions are some of the most powerful suppression tools that many Western countries have used in times of war and crises.<\/span><\/p>\n During the Russian invasion of Crimea, the United States restricted its banks from dealing business with Russian oil, ghas and financial institutions, the latter\u2019s economy was badly impacted.<\/span><\/p>\n Related Article | Bitcoin Investors Haven\u2019t Responded To Russia-Ukraine War With Large Inflows (Yet)<\/a><\/em><\/strong><\/p>\n While the US is the one to initiate, the way to make sanctions effective is through the global financial system.\u00a0<\/span><\/p>\n International banks monitor the flow of money and are tasked with blocking transactions on sanctioned nations.<\/span><\/p>\n This is rendered impossible, however, as the Russian government is set to launch its own <\/span>central bank for the digital Rubble<\/span><\/a>. It seeks to trade directly with countries without having to go through the American currency.<\/span><\/p>\n To cover their activities from blockchain recording mechanisms, Russia also developed new technology to hide their transactions, even from third-party investigators.<\/span><\/p>\n A similar move has been done by North Korea which made use of <\/span>cryptocurrencies<\/span><\/a> to fund its nuclear and ballistic missile program, according to Reuters.\u00a0<\/span><\/p>\n Iran was also reported to be gaining money from crypto <\/span>mining<\/span><\/a> to make up for its revenue loss due to its ability to sell oil because of sanctions.<\/span><\/p>\nThat’s A Lot Of Money<\/h2>\n
BTC total market cap at $670.906 billion in the daily chart | Source: TradingView.com<\/a><\/pre>\n
Using Cryptocurrency Tools Vs. Sanctions<\/h2>\n
Under The Radar<\/h3>\n