Crypto can be used for good, but many Western powers won't view it that way if Russia successfully uses it to bypass sanctions.
published nuanced analyses of why Russia’s elites can’t effectively substitute access to SWIFT with crypto, putting forward several key reasons.
Crypto’s current capacity to serve as a stealthy, fast, cheap tool for transferring big money from sanctioned jurisdictions elsewhere seems rather limited compared with that of the existing web of offshore infrastructure that has been sheltering wealth of any origin for the last 50 years.to support the global effort to stop Russia’s actions in Ukraine and comply with existing Anti-Money Laundering and Know Your Customer standards.
“In my view, the Ukraine crisis and related sanctions pose a massive challenge to the crypto industry. If cryptocurrencies are used to evade sanctions, a strong regulatory crackdown should be expected. Sovereign nations are highly unlikely to tolerate the loss of capacity to impose sanctions.” The endgame of the discussions between global regulators and the crypto industry would be defined by the latter’s willingness to give up more around anonymity and decentralization, which are vital parts of its DNA.
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