Tuesday, March 1, 2022

Banning Crypto in Russia?

Recently, Ukraine has been accepting crypto donations from around the globe. In a recent tweet, the countries offical twitter posted their wallet address.

Although this is awesome, Russia can also use crypto to go around sanctions placed upon them by the same manner. Mykhailo Fedorov, Ukraine's vice-prime minister called for crypto exchanges to ban crypto operations in Russia, calling it "crucial" to the war effort. 

However there has been push back on this. Binance, one of the largest crypto exchanges in the world replied, "To unilaterally decide to ban people's access to their crypto would fly in the face of the reason why crypto exists."

This chart shows the drastic increase in crypto trading in Russia since Russia attacked Ukraine. 


Column chart of Value converted between roubles and cryptocurrencies ($mn) showing Trading between crypto and roubles surges after Russia attacks Ukraine

 

Do you agree with this? Should crypto be banned in Russia?

3 comments:

  1. Great post, Kirolos! This is really interesting. I would have to do some more research before forming an opinion; however, I think being in the know about trades such as this are important and beneficial, regardless of where we live or what is going on around us. I will look into this some more!

    ReplyDelete
  2. The significance of Crypto is its distance from being controlled by any power. I do not think any crypto should be banned.

    ReplyDelete
  3. Who would have the authority to ban the international trade in crypto? (Not that I really understand what exactly it is that is being traded, but...)

    ReplyDelete