Putin’s Plan To Avoid Biden’s Sanction
This would be a genius tactic.
As President Biden’s and several other European countries begin to impose sanctions on Russia which would likely hurt their economy and may even prevent them from committing further acts of war, Russia’s Vladimir Putin may be able to avoid much of the sanctions by using cryptocurrencies instead.
According to NPR, Russia may be able to avoid sanctions by the west by simply using crypto.
Biden’s latest sanctions target Russian financials institutions and heavily two of Russia’s largest banks.
Putin could instruct Russian banks and oligarchs to put money into bitcoin and other cryptocurrencies to avoid the sanctions.
This solution could face some road blocks however. Russia would have to also convince their business partners to to accept digital currency for payments also and they may have trouble turning the crypto back into physical money as well.
