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Author Topic: Russia can evade sanction through cryptocurrencies  (Read 1005 times)
Etranger
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June 02, 2024, 06:58:31 PM
 #141

China is also a country that is not friendly to cryptocurrencies, but they are a strategic partner and ally of Russia. So I don't think Russia is using crypto to avoid sanctions and Western countries are being aggressive with crypto because of Russia.

Russia and China are using crypto, including USDT for transactions with one another. This way they avoid sanctions and make payments much faster and more unnoticeably to the outside world.On the official agenda, they may be against cryptocurrencies, but this does not mean that they do not use them for personal gain.

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June 02, 2024, 07:24:59 PM
 #142

China is also a country that is not friendly to cryptocurrencies, but they are a strategic partner and ally of Russia. So I don't think Russia is using crypto to avoid sanctions and Western countries are being aggressive with crypto because of Russia.

Russia and China are using crypto, including USDT for transactions with one another. This way they avoid sanctions and make payments much faster and more unnoticeably to the outside world.On the official agenda, they may be against cryptocurrencies, but this does not mean that they do not use them for personal gain.

i doubt their government uses the USDT, it would mean a large amount of sending USDT. if it's a known address, those USDT can be frozen. and they find it not in their best interest, remember they are dedollarizing. but the citizens i think in China and Russia could still be using stablecoins including the USDT.

the government of Russia and China do have their own version of SWIFT, they may be using them already if not their CBDC.


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June 03, 2024, 10:26:45 AM
 #143

China is also a country that is not friendly to cryptocurrencies, but they are a strategic partner and ally of Russia. So I don't think Russia is using crypto to avoid sanctions and Western countries are being aggressive with crypto because of Russia.

Russia and China are using crypto, including USDT for transactions with one another. This way they avoid sanctions and make payments much faster and more unnoticeably to the outside world.On the official agenda, they may be against cryptocurrencies, but this does not mean that they do not use them for personal gain.

USDT is a stable and centralized currency, every transaction will be tracked, especially large transactions. Meanwhile, both are close allies, meaning both central banks can communicate and connect easily with each other. Do you think they will use USDT while they can use the currency of 1 of 2 countries to trade? I don't think they are stupid enough to use centralized cryptocurrency like USDT for their transactions to avoid sanctions. Using USDT is even more dangerous than using USD because their cryptocurrency transactions can be frozen at any time if the US requests Tether to do so.

I don't know what basis you base your claim that China and Russia are using cryptocurrencies for their transactions, but according to my understanding, they don't need cryptocurrencies like bitcoin, XRM... let alone centralized stablecoins.

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