Could crypto be a potential safe haven for Russian oligarchs avoiding sanctions? | Fortune
Crypto has long been flagged as a potential money-laundering tool, but now it could have found its ultimate use case.
Sanctions are mounting against Russia and some of its elites by the U.S. and its allies on the back of Russia invading Ukraine and kick-starting Europe’s biggest crisis since World War II. The crypto market crash seems to be exploding the myth that alternative currencies are a goldlike “safe haven,” but they could well be a safe haven for billionaires facing huge financial penalties.
In a Thursday address, President Biden said the U.S. and its allies would limit Russia’s ability to do business “in dollars, euros, pounds, and yen.” Biden also said he would block four more Russian banks that hold more than $1 trillion in assets.
Members of the Russian elite and their family members have been sanctioned, Biden said, opening the door for them to pour into alternative asset classes such as crypto.
“These are people who personally gained from the Kremlin’s policies and they should share in the pain,” Biden said in his address
£££ Crypto คือ safe haven ของ oligarch รัสเซียแฮะ
Crypto has long been flagged as a potential money-laundering tool, but now it could have found its ultimate use case.
Sanctions are mounting against Russia and some of its elites by the U.S. and its allies on the back of Russia invading Ukraine and kick-starting Europe’s biggest crisis since World War II. The crypto market crash seems to be exploding the myth that alternative currencies are a goldlike “safe haven,” but they could well be a safe haven for billionaires facing huge financial penalties.
In a Thursday address, President Biden said the U.S. and its allies would limit Russia’s ability to do business “in dollars, euros, pounds, and yen.” Biden also said he would block four more Russian banks that hold more than $1 trillion in assets.
Members of the Russian elite and their family members have been sanctioned, Biden said, opening the door for them to pour into alternative asset classes such as crypto.
“These are people who personally gained from the Kremlin’s policies and they should share in the pain,” Biden said in his address