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Russia is likely using cryptocurrency to thwart sanctions

US and European sanctions over the past week and a half have put the screws to the Russian government and its oligarchs who are likely using alternative methods to ferry their cash across borders.

“We do believe it is very likely that Russian companies and nationals are trying to use crypto assets like Bitcoin or the US Dollar-pegged stablecoin, such as Tether (USDT), to circumvent the economic sanctions,” said Josh Olszewicz, head of research at Valkyrie Funds, a digital asset investment manager.

Stablecoins are tied to fiat or cash-backed by central banks, while Bitcoin and other non-stablecoin digital currencies derives value from supply and demand and otherwise have no intrinsic value. Non-fungible tokens or NFTs are digital tokens tied to assets other than cash, but those “assets” can also be as valuable as art and real estate or as meaningless as a random photograph or stuffed animal. 

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Source:: Computerworld