Russia has seemingly turned to cryptocurrency since the West decided to ‘punish’ the nation for its invasion of Ukraine. A list of sanctions had been imposed upon the country by the United States and the EU which worked to essentially cut Russia off from world traders. However, with the rise in popularity of crypto, it has provided a possible way for the country to evade these sanctions which would have otherwise stuck when fiat currencies were the only form of payment. Why Russia Could Turn To Cryptocurrency One thing that has drawn investors to cryptocurrencies such as Bitcoin is the fact that they are decentralized. A decentralized currency is not controlled by an entity. Hence, sanctions do not apply to them regardless of how severe they are. This has made it attractive to those who want to evade detection by governments, or in this case, countries trying to circumvent sanctions. Related Reading: Why The Dogecoin And Meme Coin Rally May Not Be Over Just Yet Lately, Russia has been warming up to crypto as a way to foster trade around the sanctions. The most prominent of these have been the sanctions on Russian gas purchases, which breeds the possibility of the country accepting crypto as a form of payment for their oil and gas. By using a cryptocurrency such as Bitcoin, Vladimir Putin could be able to completely evade these sanctions and the established banking system. Back in September, the US Treasury’s assistant secretar...
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