How Russia can use cryptocurrency to avoid US sanctions over Ukraine
The Biden administration pledged to impose harsh economic sanctions on Russia over its invasion of Ukraine, which began in earnest on Thursday morning. But billionaire oligarchs close to Russian President Vladimir Putin could potentially blunt the effects of the sanctions thanks to cryptocurrency, according to experts. The decentralized nature of digital currencies like bitcoin and ethereum allows governments and non-governmental entities alike the benefit of peer-to-peer transactions — regardless of whether they are cut off from traditional banking services. “Neither dictators nor human rights activists will encounter any censor on the bitcoin network,” Matthew Sigel of investment manager VanEck told Bloomberg.