Re:Bitconnect founder indicted in global $2.4B cryptocurrenc...
by arcticbull on Saturday February 26, 2022 @03:56PM
(#30481874)
> For instance some of the Ukrainian banks are now shutdown. If you had crypto you could access your wealth.
For instance, the Russians were cut off SWIFT. If the oligarchs had crypto, they could access their wealth and render sanctions ineffective.
Believe it or not the Ukrainians are in a war, and currency is not their biggest problem - that would be the tanks, and the bombs and the planes. Once the war resolves, so will their access to money. On the other hand, systems designed to evade sanctions are making that process longer and more painful - and more likely to resolve in the aggressors favor, as the Russians are better capitalized. The Russian people need to feel the pain to pressure their government to end the conflict.
Some pain is good, and so is our ability to inflict it.
For instance, the Russians were cut off SWIFT. If the oligarchs had crypto, they could access their wealth and render sanctions ineffective.
Believe it or not the Ukrainians are in a war, and currency is not their biggest problem - that would be the tanks, and the bombs and the planes. Once the war resolves, so will their access to money. On the other hand, systems designed to evade sanctions are making that process longer and more painful - and more likely to resolve in the aggressors favor, as the Russians are better capitalized. The Russian people need to feel the pain to pressure their government to end the conflict.
Some pain is good, and so is our ability to inflict it.