Can Russia depend on cryptocurrency to evade sanctions?

Can Russia fall on cryptocurrency to save the economy after heavy sanctions?

CAN RUSSIA DEPEND ON CRYPTOCURRENCY TO EVADE SANCTIONS?

Can Russia depend on cryptocurrency to save the nation from collapse?.

The question of whether Putin’s regime can be able to evade all these heavy sanctions by using cryptocurrency.

The RUSSIAN government has been slapped with several sanctions by the west and its allies after Ukraine invasion. The argument of how Russia can swerve some of these sanctions have been going on for sometime now. Can the government buy stocks with bitcoin?.

The sanctions have caused total collapse of Russian Ruble Russia Ruble sinks as Putin recognizes Breakaway Republics

The Ruble has never recovered since. It continues to worsen as more sanctions are being imposed on the world’s biggest country. Just yesterday, the European Union announced heavy sanctions on Russia, banning the country from exporting luxury goods to members nations. The EU

also placed sanctions on Putin’s enablers and over 600 government officials: EU sanctions on Russia and its financial downsides

This morning, the Ruble appreciated about 109 rubles against the greenback hours ago. it’s light recovery has been attributed to the ongoing peace negotiations. Russian authorities have said Russia and Ukraine are almost close to having a deal, which could demilitarised Ukraine.

But will that guarantee a quick economic bounce back for Russia. The answer is no. It’s not going to be an easy journey for Russia and Ukraine to rebuild. A Russian billionaire has told reporters President Putin was taking the country back to the 1920s. With aid from friends, Ukraine may rebuild quickly.

Large number of Russians are well used to cryptocurrency currency but majority of this number are young folks, who love technology and new trends.

Moreover, some Russian Oligarchs are conservatives, and not conversant with these coins. And most of them have stayed away from cryptocurrency after heavy sanctions were imposed.

Are they able to still buy stocks with bitcoin?. This will be very difficult, now that the European Union, US and allies have all imposed sanctions. Even if they can buy stocks with bitcoin, they still have to work with banks for exchange of these virtual coins into United States dollars or Russian currency, Ruble according to experts. And the sanctions have gravely affected these Russian banks as well.

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Sanctions by the West include removal of selected Russian banks from Society of Worldwide for worldwide Interbank Financial Telecommunication, SWIFT.

Banks operating in these European Union countries could lose their licences in the process of engaging in any trade/s.

The SWIFT is made up of over 11,000 banks and institutions from over 190 countries which makes it easy to transfer money across borders.

Russia is one of the world’s most strongest countries but these this sanctions will cripple the economy at the long run. Several companies were scared they might be caught so they boycott activities in Russia. Some still continue to limit their operations in the country, and all these are factors.

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