Russian individuals are using crypto to bypass sanctions

[AicecreaME]

Some people might be able to bypass some sanctions but it’s quite tough to be able to. Most exchanges are KYC & aren’t allowing Russian nationals to trade with them atm. You can avoid sanctions by using crypto but how are they supposed to buy significant amounts of crypto when exchanges won’t accept their fiat?

Perhaps they could ask a relative, a friend, or any other people they know for a little favor of conversion of fiat to crypto to jump around the restrictions of the central exchangers. That way, they could utilize their money amidst the sanctions imposed to them. For sure, most people in Russia know someone outside the country whom they trust on to do them a little thing for the sake of survival.

Although I don't really know how long they will be able to do this. Because after all, people have their own lives to attend to. Hopefully, the conflict between the two countries will be over soon so that the sanctions would be lifted and the innocent citizens lives will come back to normal.

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[Franctoshi]

It's possible but they will find it a bit challenging on doing a cross border transaction, though there might be some other means for them.  I read on the news that they're banned from trading on exchanges, but if they're bypassing sanctions using crypto, I think the major issues they're going to face is that they can only transact on platform that accept crypto as method of payment or deposits.

[bittraffic]

Could the $WAVES pump because.of the Russians trying to by pass the KYC of exchanges?

I've not seen how fast the growth of the price since last month. It did surpass its ATH already. I'm thinking they are moving to Waves because its  hybrid wallet with exchange in it that doesnt ask KYC. With WAVES, its all they need in a one stop platform.

[Obito]

It's possible but they will find it a bit challenging on doing a cross border transaction, though there might be some other means for them.  I read on the news that they're banned from trading on exchanges, but if they're bypassing sanctions using crypto, I think the major issues they're going to face is that they can only transact on platform that accept crypto as method of payment or deposits.

That's what's probably going to happen and it's going to be difficult for the Russians to convert those cryptocurrencies that they're using when they finally need to use it because they're going to still need fiat to continue functioning as a country and as an economy and I don't think that they're not doing something that's permanent.

[Artemis3]

Of course they have, that's the whole point, its all or nothing.

Bitcoin was designed to bypass the State, or a coalition of States. You cannot have "good coins" and "bad coins", that is an artifact of fiat (or society). If you have an issue with "bad guys", go after the bad guys and leave money alone.

"Freezing assets" is exactly the kind of thing Bitcoin was designed against. The thing is, certain rulers like to use it for themselves, but not let the people use it. For example, prior to this war, Russia was simply telling miners that it was ok as long as you sell ALL your bitcoins to the central bank of Russia... So, no. Does someone remember when the USA decreed that no one could possess gold and had to sell it all to the State? Yeah...

If Putin can use it to buy weapons to China, so can the common Russian citizen use it to send money for Ukraine defense. Its both or none.

There is no good money or bad money, there is money, State hands off.

Oh, did you already forgot when the State of Canada wanted to freeze assets to people sending funds to protesters?

Bitcoin will work, with or without the State supporting or blocking it. It was designed to work independently, that's the whole p2p thing, the REAL p2p thing which is wallet to wallet, no middlemen, no exchanges, no banks, and no State.

You say they are purchasing properties in the middle east? Prove it and go seize those properties. Leave money alone. You can try but you will fail, sanctions never work. Ask Cuba, etc...

This post was written from a "sanctioned" country, we are still oppressed, and more poor, thank you very much...

[Webetcoins]

Could the $WAVES pump because.of the Russians trying to by pass the KYC of exchanges?

I've not seen how fast the growth of the price since last month. It did surpass its ATH already. I'm thinking they are moving to Waves because its  hybrid wallet with exchange in it that doesnt ask KYC. With WAVES, its all they need in a one stop platform.

What about btc and other cryptos? Why waves is the only crypto you mentioned here. hmm? Is this a special shill post? Or maybe you are holding some of this coin but you can be right about the wallet part. Metamask and other dex wallet that we know are not really a true dex, they are showing their colors lately. They are now doing actions to prevent the users on the restricted list from doing a transaction.

Maybe this waves wallet can be a great alternative to them. Cryptos are on their way to the bull run so they are going to increase even without the help of the Russians. Waves is one of the top coin so it can surely be included in bull.

[dezoel]

This has been known for a while, and I have to say it is a good win for crypto all around. Just because you do not like some people (or maybe you like them) doesn't mean that they shouldn't be able to use bitcoin. If that was the case, then we would have centralization.

You need to accept that people who buy and sell drugs, hell even terrorists WILL use crypto, that is what decentralization brings. But that also means that we are using a currency that nobody controls and that is the decentralization part that makes it so beautiful. I personally love the current situation and I would love to let the Russians overcome the sanctions easily, to show the power of bitcoin.

[milewilda]

This has been known for a while, and I have to say it is a good win for crypto all around. Just because you do not like some people (or maybe you like them) doesn't mean that they shouldn't be able to use bitcoin. If that was the case, then we would have centralization.

You need to accept that people who buy and sell drugs, hell even terrorists WILL use crypto, that is what decentralization brings. But that also means that we are using a currency that nobody controls and that is the decentralization part that makes it so beautiful. I personally love the current situation and I would love to let the Russians overcome the sanctions easily, to show the power of bitcoin.

Free for everybody to get involved with and it is indeed the true meaning of decentralization and its true that there's nothing we could do about it since anyone could freely make use on that particular
usage or utility which does really proves out that it is indeed helpful on these kind of situations on saving up themselves with those sanctions been implied.I could not blame nor point fingers
that they are doing the wrong thing which it is really just normal for someone on finding alternatives around and crypto would be the nearest option to that.

[Gyfts]

Some people might be able to bypass some sanctions but it’s quite tough to be able to. Most exchanges are KYC & aren’t allowing Russian nationals to trade with them atm. You can avoid sanctions by using crypto but how are they supposed to buy significant amounts of crypto when exchanges won’t accept their fiat?

That is sort of the big issue. The issue isn't their ability to initiate a bitcoin transaction, the issue is exchanging that bitcoin into fiat. Most of the off/on ramps are exchanges that use SWIFT to send customers their funds in the form of fiat currency.

Needless to say, completely evading these sanctions will not be an easy task for Russia. However, I have a feeling they will find a way.

Individuals in Russia can avoid the sanctions if they choose to operate using Bitcoin. Russia as a nation doesn't have any other way to avoid sanctions other than using their own currency to conduct commerce, which they have openly said is the plan with countries they deem unfriendly. It used to be that Russia and other countries would use USD as a reserve currency. That isn't the case anymore. If they wanted to use Bitcoin to avoid sanctions outright, they needed to increase their reserves to the tune of billions in bitcoin/crypto years ago. They can't start after the sanctions are already in place with Rubles in the ground and expect to be successful.

[stompix]

~
It is a very difficult time in Russia right now. Some people choose to run away because they already have a lot of money. But this will end sadly, because other people will take away their business in Russia, and they will live in other countries as tourists.
I will tell you my opinion, despite everything that happens, there is a lot of money in Russia. I have a business in Russia, and the problem is not in finding investments, but in the fact that all industries are busy. So now there are a lot of opportunities for business in Russia..

It's a difficult time, people are running away, ...but business is booming in Russia!
The fact that one business is booing is hardly an indicator for the entire country, and you know that very well, the fact that people are leaving with their money in a suitcase and are buying property abroad means one single thing, they fear that the money and real estate in Russia will be worthless after that.
How many times in 40 years does Russia/USSR have to collapse bankrupt in order to finally get it?

And btw, about that booming, we had a discussion about Russian technology, I'll bump that topic with the latest news about it, it would have been funny if it wasn't pathetic.

Bitcoin will work, with or without the State supporting or blocking it. It was designed to work independently, that's the whole p2p thing, the REAL p2p thing which is wallet to wallet, no middlemen, no exchanges, no banks, and no State.

You say they are purchasing properties in the middle east? Prove it and go seize those properties. Leave money alone. You can try but you will fail, sanctions never work. Ask Cuba, etc...

Yeah right, Bitcoin will definitely work, Satoshi himself will materialize grab a gun, and shoot all the executives from Boeing and Airbus unless they sell airplane parts to Russia, then he will go to Maersk as they need a company to actually ship that, then to TSMC for the chips, then...
You're forgetting one thing that Bitcoin wasn't designed for, be capable of forcing somebody to deal with you even if they don;t want.

As for Cuba, it's only the US who has sanctions and not covering food and medicine against them...now cut from this image all the other countries that are sanctioning Russia:

[darewaller]

Could the $WAVES pump because.of the Russians trying to by pass the KYC of exchanges?

I've not seen how fast the growth of the price since last month. It did surpass its ATH already. I'm thinking they are moving to Waves because its  hybrid wallet with exchange in it that doesnt ask KYC. With WAVES, its all they need in a one stop platform.

If that was the case then we would see a HUGE increase in monero as well. We were in a good bull run and some coins increased more than others as usual, wave must have been hitting right there. If the problem was KYCless, then how could you withdraw fiat to your bank account?

I am pretty sure you couldn't do that, you need to give your KYC in order to get money, if the only point is to make sure that you can buy crypto without showing your KYC then you could already do that inside Russia anyway. This is why it is clearly obvious that we are not talking about wave increase in price somehow related to Russians bypassing sanctions, doesn't look like there is a relevance there.

[LUCKMCFLY]

https://www.fnlondon.com/articles/lagarde-cryptos-are-being-used-to-bypass-sanctions-20220322
Lagarde: Russian individuals are using crypto to bypass sanctions
Lagarde says cryptos remain a threat while touting the digital euro

Christine Lagarde, president of the European Central Bank, said Russian firms and individuals are using cryptocurrencies to bypass sanctions put in place by the west.

“They are certainly being used as a way to try to circumvent the sanctions that have been decided by many countries around the world against Russia,” Lagarde told the Bank for International Settlements’ Innovation Summit.

European central bank is now understanding the implications of cryptocurrency and decentralization.

Billionaires, big companies and even common individuals are trying to get around sanctions by using cryptocurrencies. It is possible to get around some, not all of them.

Cryptocurrency,  specially bitcoin, mean freedom. Certainly all.those sanctions showed the world that n money is really  safe (putin jusr closed the stock market), nd some bitcoin in your portfolio are really handy

This was obviously going to happen, with such stringent sanctions in place in almost each and every sphere from banking to social networking, there is just crypto sphere left which has unanimously decided not to put any sanctions against Russia. All the exchanges, mixers and wallets are still open to Russian people so there is only one legitimate way Russians can move their money, I think this can prove to be really good for crypto world who knows the price of bitcoin might be rising due to this reason only.

Well from every point of view it is clear that the sanctions are destroying Russia from its economic entrails and this is something that Putin knows and that everyone knows, the exits and solutions for the Russians are obviously BTC, cryptocurrencies and blockchain technology, while they have Internet service I think they can defend themselves, and this causes a business model in many, especially for the Exchanges that allow Russian clients, since it is like a monopoly that continues to receive money and in any crisis it is difficult to see solutions , but when they find it, that is where everything begins, so all is not lost for the Russians, they still have very good tools to get ahead.

[asus09]

Russians use cryptocurrencies to avoid sanctions from various countries, Russia can indeed avoid sanctions using cryptocurrencies because of its dentrelized nature, but Russia must have its own obstacles because binance has blocked a number of Russian clients, can Russia avoid sanctions if they switch to crypto currency,??

[jokers10]

Russians use cryptocurrencies to avoid sanctions from various countries, Russia can indeed avoid sanctions using cryptocurrencies because of its dentrelized nature, but Russia must have its own obstacles because binance has blocked a number of Russian clients, can Russia avoid sanctions if they switch to crypto currency,??

Even if you need to get a new smartphone besides the way of paying for it (and bitcoin can help to bypass sanctions this way) you need a way of getting it. And if it is prohibited to send it into Russia then first step with paying for it will not work anyway. So bypassing sanctions is a complex problem. Goverments which implement sanctions can work on not to let to import prohibited goods.
If you want to buy something from the country which is not supporting sanctions you can use or some of currencies of countries which are not supporting sanctions also, you can use gold, you can use barter etc. China is a neighbor country and there is no need to bypass sanctions with bitcoin, there are many more options.

So if someone wants to get some new gadget for his own it is not a real problem for the goverments which implement sanctions. And if there is a large volume merchandise imports they can prevent it from the areas they control and can't for the countries which are not supporting sanctions.

[Scaterbrainn]

After so many sanctions imposed by the UK and US, Russia had only the option of adopting cryptocurrency.

[RealMalatesta]

Even if you need to get a new smartphone besides the way of paying for it (and bitcoin can help to bypass sanctions this way) you need a way of getting it. And if it is prohibited to send it into Russia then first step with paying for it will not work anyway. So bypassing sanctions is a complex problem. Goverments which implement sanctions can work on not to let to import prohibited goods.
If you want to buy something from the country which is not supporting sanctions you can use or some of currencies of countries which are not supporting sanctions also, you can use gold, you can use barter etc. China is a neighbor country and there is no need to bypass sanctions with bitcoin, there are many more options.

So if someone wants to get some new gadget for his own it is not a real problem for the goverments which implement sanctions. And if there is a large volume merchandise imports they can prevent it from the areas they control and can't for the countries which are not supporting sanctions.

I would also believe that there are nations with no sanctions to Russia that can get the phones, or any other item. It could literally become like a business. X nation that has no sanctions from or to any nation, could get anything from any nation that Russians want, then sell it to Russians and Russians could use that. Which is a great way to circumvent all of this sanction stuff to be fair, even gas and oil could be dealt the same way, would make that nation a lot richer.

I would have to guess that west would have a problem with that and could create some problems and tensions, but what are they going to do? Sanction another nation? It doesn't work as well as they imagined from what we have seen.

[jokers10]

After so many sanctions imposed by the UK and US, Russia had only the option of adopting cryptocurrency.

Why? To keep ruble exchange rate relatively stable they hardly would like to get new competitors for him. So there are much more options what to do and previously they didn't want to adopt decentralized currencies.

And as for bureaucratic elite they use cryptocurrencies like they like even without any official adoption, so they just don't really need any changes with that.

...
I would have to guess that west would have a problem with that and could create some problems and tensions, but what are they going to do? Sanction another nation? It doesn't work as well as they imagined from what we have seen.

It's more complex. If we talk about gadgets then sanctions would work not so good, but if we talk about airplanes, gas turbines, trains and other technically sophisticated single devices then sanctions will probably work good enough.

[farwellbit]

After so many sanctions imposed by the UK and US, Russia had only the option of adopting cryptocurrency.

Why? To keep ruble exchange rate relatively stable they hardly would like to get new competitors for him. So there are much more options what to do and previously they didn't want to adopt decentralized currencies.

And as for bureaucratic elite they use cryptocurrencies like they like even without any official adoption, so they just don't really need any changes with that.

I do agree that it shouldn't really be a shocking result, after all we are talking about ruble needing to get better and bigger, which could be done via the fact that Russians asking everyone to use ruble. This could be for main things like oil and gas, but it could be done for everything.

This would make ruble a lot more stable and a lot more liked by people as well. I am not guessing that it would be a bad result if they ignored crypto all together and focused on just ruble itself. Which is a proof that they do have a chance other than ruble when working. By the looks of it, ruble is not getting any worse neither, so it shouldn't really matter to them.

[jokers10]

I do agree that it shouldn't really be a shocking result, after all we are talking about ruble needing to get better and bigger, which could be done via the fact that Russians asking everyone to use ruble. This could be for main things like oil and gas, but it could be done for everything.

This would make ruble a lot more stable and a lot more liked by people as well. I am not guessing that it would be a bad result if they ignored crypto all together and focused on just ruble itself. Which is a proof that they do have a chance other than ruble when working. By the looks of it, ruble is not getting any worse neither, so it shouldn't really matter to them.

To be honest I don't think they want a rouble to be better and bigger. I think they just want to keep a control to manipulate with it as much as they can. As for nowadays when foreign currencies exchange is made harder and is not available for most Russian residents the rate can be any — trading volume in pairs with USD and EUR is down ten times.

[romero121]

I do agree that it shouldn't really be a shocking result, after all we are talking about ruble needing to get better and bigger, which could be done via the fact that Russians asking everyone to use ruble. This could be for main things like oil and gas, but it could be done for everything.

This would make ruble a lot more stable and a lot more liked by people as well. I am not guessing that it would be a bad result if they ignored crypto all together and focused on just ruble itself. Which is a proof that they do have a chance other than ruble when working. By the looks of it, ruble is not getting any worse neither, so it shouldn't really matter to them.

To be honest I don't think they want a rouble to be better and bigger. I think they just want to keep a control to manipulate with it as much as they can. As for nowadays when foreign currencies exchange is made harder and is not available for most Russian residents the rate can be any — trading volume in pairs with USD and EUR is down ten times.

To overcome the ongoing sanction people find the usage of cryptocurrency a way, but the same can't be used by the government which will destroy the money value of ruble. There is not much of value destruction with ruble and the recent plans of Putin to receive payments in Rubles for oil and gas will once again boost the value. Very few cryptocurrency exchange have given access for the Russian residents. Russia is looking for a source to overcome the ongoing situation and it doesn't look like a long term plan.