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Experts: Russia can't circumvent sanctions with crypto

Experts: Russia can't circumvent sanctions with crypto

According to several experts surveyed, only small countries with weak economies can adopt such tactics.

Several Al Jazeera experts have reported that the use of cryptocurrencies to circumvent sanctions could be used by countries such as North Korea and Iran. However, unlike them, Russia has been actively integrating into the global economy over the past decades and there is no way to remove it at once. In addition, in case of an attempt to use cryptocurrency, Russia will have to address a number of complex technological issues

“It is very difficult to move large amounts of crypto and convert it to usable currency,” said Ari Redbord of TRM labs, a blockchain intelligence company. “Russia cannot use crypto to replace the hundreds of billions of dollars that could be potentially blocked or frozen.”

One more problem is the large Russian foreign trade turnover, which amounted to $789 billion last year, and the crypto market is simply not capable of absorbing it. Not to mention possible sanctions from specific crypto exchanges and crypto projects. 

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