Russia may evade effects of economic sanctions by relying on cryptocurrency

The West has levied harsh sanctions against Russia following its invasion of Ukraine, but Russian leaders could be turning to cryptocurrency to avoid economic punishment. Michael Parker, head of the anti-money laundering and sanctions practice at Ferrari and Associates, joins CBS News to break down how Russia may proceed.

#News #Ukraine #RussiaUkraineCrisis

[cyberspace]

Gotta love these galaxy brains assuming China and Russia haven’t been working on this together for months if not years

[alesandrohoxha]

*We need more people like Mr Dulahi jeroen in the world of cryptocurrency. It's so HARD to pull that first 2k out of the bank but it's something we need to do for our future.*
*My wife and I at the beginning managed money so badly. When we had our children, we realized we needed a change and started a budget. Now we are excited that we made our first investment ( a conservative portfolio)*

[korneliahanna]

Investing in cryptocurrency is the best way of getting ahead to build wealth, investing remains a priority. The Cryptocurrency market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works, I pray that anyone who reads this will be successful in life..

[longpham]

crypto can be used to avoid some sanctions but as of right now, the liquidity is not high enough to support a nation state, at least without it having extreme violatility.

[louden]

*Investing in cryptocurrency is the best way of getting ahead to build wealth, investing remains a priority. The stock market has plenty of opportunities to earn a decent payouts, with the right skills and proper understanding of how the market works*

[wick]

My trading journey was a matriculation of highs and lows, literally just like the market. you up, you down. Now I'm constantly up.

[redpillscience]

If you don't understand the petro dollar and how the oil is getting low in the middle east. Don't cry about Ukraine. Because this is way deeper than you understand

[arieloq]

China is the king of crypto... i can see that coming...

[randyo]

Q: will sanctions work?
A: We’ll check back in a month. -Brandon

[kbean]

Russia has been financially preparing for this for the last 6 months.

[hasanclinton]

I HAVE INCURRED SO MUCH LOSSES TRADING ON MY OWN...I TRADE WELL ON DEMO BUT I THINK THE REAL MARKET IS MANIPULATED... CAN ANYONE HELP ME OUT OR AT LEAST TELL ME WHAT I'M DOING WRONG ?

[donnyc]

How much time mr P had to prepare for sanctions? o come on now. No one with a sane mind is going convert billion of $ into crypto instead of usd when crypto value is so unstable.

[jeff]

Lmao this guy has no idea what he's talking about. If Russia has a CBDC which they do, they've already signed a financial agreement with China. All they need to facilitate transactions is XRP.

[extraincomesuz]

There is only 200K in crypto liquidity in Russia. The Russian gov needs 300billion for the war so crypto won't be used now. However people outside of Russia/Ukraine are donating bitcoin to help Ukrainians get food and shelter. Rusdisns can't get crypto because they must be approved by banks to buy the crypto. Banks won't do it because they aren't liquid now.

[mucusofwanderhome]

And If this is not an indicator that bitcoin will crash 90% I don’t know what is . Good luck you bitcoin holders

[swil]

Any physical item can be traded to someone who has enough bitcoin and wants to do a trade... even rocks, so he is flat out wrong about needing to exchange to USD beforehand.

[AsadAli-kkig]

My heart is for the loyalists Ukrainians who are striving to be with The peoples Republic of Russia Federation.

[jerrymax]

*EVERY FAMILY HAS THAT ONE PERSON WHO WILL BREAK THE FAMILY FINANCIAL STRUGGLE I HOPE I BECOME THE ONE ☺️... IN A FEW WEEKS I WAS ABLE TO PAY OFF MY DEBTS THROUGH INVESTING IN CRYPTO TRADING*

[levileunissen]

lol like the chinese yen coin right :P

[townsendjean]

Relative to the economies of the US and NATO, Russia's economy is puny and is faltering! It's a monopolistic money-making bonanza for Putin and his oligarch cronies. Really tough sanctions could conceivably wipe them out if imposed fully and right away.