Russia is likely to use cryptocurrencies to circumvent sanctions, Bitcoin and friends prices strengthen

JAKARTA, KOMPAS.com – Majority cryptocurrency market capitalization moves in the green zone on Tuesday (1/3/2022).

The value of the currency crypto- The brightest one this morning was Terra (LUNA) which shot up 25.76 percent in the position of 90.07 US dollars per chip or equivalent to Rp. 1.2 million (exchange rate of Rp. 14,381 per US dollar).

Following Solana (SOL) who skyrocketed 16.6 percent in the position of 98.6 US dollars or Rp. 1.4 million. Then, Bitcoin (BTC) which also rose sharply 14.6 percent at the position of 42,986 US dollars around Rp. 618 million.

Also read: If the situation in Ukraine heats up, Bitcoin price could fall to the level of 30,000 US dollars, check out today’s crypto prices

Strengthening was followed by Cardano (ADA) which jumped 12.74 percent to position 0.9 US dollars, followed by Ethereum (ETH) which rose 11.56 percent to 2.898 US dollars, and Binance Exchange (BNB) which rose 9.3 percent. at 393.86 US dollars.

Dogecoin (DOGE) followed in the position of 0.13 US dollars, up 8.4 percent, and Polkadot (DOT) also rose 7.9 percent at 18.6 US dollars.

This morning, Tether (USDT) was up 0.001 percent at 1 US dollar, and USD Coin (USDC) was up 0.02 percent at 0.9 US dollar. For information, USDT and USDC are crypto currencies of the stable coin class or types of cryptocurrencies created to offer stable prices against the US dollar.

The movement of crypto assets is still overshadowed by global sentiment in the form of geopolitical conflicts between Russia and Ukraine.

quote Forbes, Director of policy and regulatory affairs at Elliptic, David Carlisle, said when various countries around the world imposed sanctions on Russia for its invasion of Ukraine, Russia was expected to use cryptocurrency to evade the sanction, even though the probability of success is quite small.

Carlisle said that although crypto exchanges in the US, Europe and Asia will stop almost all transactions with Russia, there are still some “options” to facilitate such activities, such as the SUEX and Chatex services which last year facilitated more than 350 million US dollars. in crypto transactions for criminals in Russia.

“Undoubtedly, Russia will make efforts to use cryptocurrencies to help minimize the impact of sanctions,” Carlisle said.

One of the finance officials also said that Russian transactions through cryptocurrencies were nothing to worry about, because the amount of money that the Russian government would have to transfer would be much larger.

“With a $1.4 trillion banking sector, it’s unlikely that Russia can use crypto alone to evade the effects of sanctions completely,” Carlisle added.

Also read: Many Artist Crypto Tokens Appear, People Are Asked to Be Careful, Don’t Be Lulled and Lose

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