For several years, “The cryptocurrency war. swarms in press reviews and lazy speeches, like bitcoins in an oligarch's wallet. To encapsulate the passions, the fantasies, the prospects for profit and disappointment, the power stakes that encircle these digital currencies.
An alternative that interests many people
Cryptocurrency could therefore be of interest to Russian oligarchs, targeted by sanctions around the world. Assen Slim also adds that on "the first day of the conflict, we recorded a record of purchases in rubles of bitcoins, something like 1.5 billion rubles, the equivalent of 20 million euros. (…) I think that in there, there must not be many oligarchs in reality, it is a lot of normal citizens who are perhaps looking to flee or avoid the collapse of the ruble and who have thought that there with bitcoin, there is a safe haven" Source : .francetvinfo.fr
Ukraine and Russia are betting heavily on cryptocurrencies to respectively finance the conflict or circumvent sanctions.
Economic sanctions against Russia are getting tougher day by day, Moscow is clinging to cryptocurrency to protect itself from the ruble's plunge. Bitcoin purchases have exploded in recent weeks. For Russia, the digital currency could be a good lever to circumvent the sanctions and blockages decided by the West.
The sanctions could also impact cryptocurrencies, as BFMTV reports. If the terms have not been disclosed by the Minister of the Economy, the EU and NATO could ask exchange platforms to prohibit transfers to Russian addresses.