Russia plans to respond to international sanctions by legalizing cryptocurrencies. According to the authorities, Bitcoin will become an important tool in the confrontation between the United States and Russia.
According to the New York Times, Russia's official policy of not accepting cryptocurrency was a smokescreen. The country's financial and political structures have long been preparing for possible sanctions and the use of crypto assets to circumvent them.
Michael Parker, a former US federal prosecutor, claims that he has long been monitoring the activity of Russian companies in concluding agreements with all cryptocurrency operators. This way they will be able to escape control of international transactions:
Russia has long calculated the consequences of its aggression. It would be naive to think that they will ignore the crypto industry.
Russia already had experience in international sanctions policy in 2014, after the annexation of Crimea. The country's economy is losing about $50 billion a year. Against this background, the digital asset market, on the contrary, is growing at a rapid pace. Cryptocurrency instruments make it possible to trade bypassing the dollar and hiding the participants in transactions.
Bloomberg claimed last year that the world’s largest center for cashing out cryptocurrencies is located in Moscow. An investigation into a series of cyber attacks on American companies led to Moscow City, through which some of the ransomware funds passed.
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