Thursday, December 26, 2024

Russia Says It's Using Bitcoin to Evade Sanctions

Russian companies are using bitcoin to evade Western sanctions, thanks to a new law, the country's Finance Minister Anton Siluanov confirmed in a television interview.

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Axios - Russia says it's using bitcoin to evade sanctions

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-- Lola Gayle (@lolagaylec.bsky.social) December 26, 2024 at 6:41 AM

Comments

More from the article...
... Why it matters: Russia's economy has been hampered by difficulties in making and receiving international payments, even with countries like China that don't use the U.S. dollar as their reserve currencies. ...

#1 | Posted by LampLighter at 2024-12-26 01:48 AM

Could this be why Pres-elect Trump seems to be so in favor of crypto?

#2 | Posted by LampLighter at 2024-12-26 01:49 AM

No. The black market nature is just a bonus.

The Bitcoin Reserve is coming.

#3 | Posted by sitzkrieg at 2024-12-26 07:46 AM

Bitcoin will prevail and no government will have no control over it, just as the creator intended.

#4 | Posted by THEBULL at 2024-12-27 03:09 AM

Whoops:
Bitcoin will prevail and no government will have control over it, just as the creator intended.***

#5 | Posted by THEBULL at 2024-12-27 03:10 AM

No $#!+

#6 | Posted by hamburglar at 2024-12-27 07:50 PM

@#5 ... no government will have control over it, ...

That depends entirely upon what your definition of "control" is.

Bitcoin is already subject to regulations here in the US and elsewhere....

Bitcoin Government Regulations Around the World (2019)
www.investopedia.com

... The idea of digital currency is a very new one, and central banks around the world are still reeling from the implications of such a technology. Blockchain, bitcoin, and new innovations from the fintech sector are showing that they can improve the status quo, but also advance the concept of digital currency, making it a real contender to replace fiat money. This is putting the world's governments in an awkward position.

On one hand, creating legislation that encourages the adoption of cutting-edge financial infrastructure could be a massive boon to economic competitiveness. On the other, giving people too much freedom may risk the integrity of the country's own paper money. A balance has not yet been struck, and so accordingly, major governments have reacted quite differently to the introduction of bitcoin (and other cryptocurrency technology) in their respective countries. ...




#7 | Posted by LampLighter at 2024-12-27 08:06 PM

#7 | Posted by LampLighter

And since it is entirely trackable, despite what some think, it can be tracked back to people and exchanges between them.

#8 | Posted by GalaxiePete at 2024-12-28 10:27 AM

Clearly, bitcoin is serving its purpose.

#9 | Posted by Angrydad at 2024-12-28 07:38 PM

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