Bitcoin, Ethereum, and other cryptocurrency prices have swung wildly over the last week as Russia’s invasion of Ukraine sends shockwaves through global markets.
After the war, Bitcoin resurged to 39K and remained in a positive zone above the $38K pivot level. Cryptocurrencies have also become defensive assets in this war.
Bitcoin Could Help Russia Evade Economic Sanctions
On Feb 26, the US and its Western allies blocked certain Russian banks’ access to the SWIFT international payment system, ratcheting up the pressure on Moscow as it continues its military attack on Ukraine.
More and more new sanctions and limitations on Russia are introduced by the U.S. and EU, however, rely heavily on banks to enforce.
Those measures are becoming increasingly easy to evade, thanks in part to a surge of cryptocurrency adoption in Russia, reports CNN.
“If the Russians decide – and they’re already doing this, I’m sure – to avoid using any currency other than cryptocurrency, they can effectively avoid virtually all of the sanctions,” Ross S.
Delston, an expert on anti-money laundering compliance, was quoted as saying in the report. Bitcoin surged to $39,000 in a quick rally following Biden’s sanctions.
Cryptocurrency Became the New Way Out for Ukrainians
The Ukrainian war broke out and the central bank has ordered the suspension of foreign exchange market transactions and electronic fund transfers on the Feb.
24th. Some Ukrainians have turned to cryptocurrency for safety. Meanwhile, cryptocurrency donations to Ukraine through government and private channels have topped US$36 million as contributions continue to mount throughout the Russian invasion.
The Russian-Ukrainian war has made cryptocurrencies a new way for many Russians and Ukrainians to avoid economic sanctions and crises.
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