How Russia’s Sanctions Will Affect the Cryptocurrency Sphere
International sanctions are design to harm the country as a whole, and as a result, innocent humans and small organizations are the maximum affect. Cryptocurrency Sphere will also affected. If you want knowledge about stock market and investing visit our Finance Category
They rarely hurt those who are ‘in charge.’
This brings us to an important point: Money stored at the bank is not your money.
It belongs to the government and the bank as long as you are still able to claim it. If you keep your cryptocurrency safe in your cold wallet and keep the keys, your capital is much more protected.
Your money is your money as long as it is in cryptocurrency.
I write several articles about crises in Latin America where people’s funds have been taken from them, US dollar accounts were frozen, savings were seized to pay off the government’s debt.
For example, in 1982 the Mexican authorities closed all US dollar accounts and automatically transferred all funds to pesos. People have lost about 30% of their savings due to currency exchange and the falling value of the peso.
The Argentine authorities additionally has a records of introducing regulations and policies. In 2001, for instance, all US dollar and peso accounts have been frozen for ninety days, and those should only do small withdrawals from peso accounts. Later in 2008, the authorities seized pension funds because of a big economic crisis.
That’s why fast-developing crypto adoption in Latin America was never a surprise to me. People recognize how essential financial freedom is.
Sanctions will reason huge damage to the Russian economic system that we’re yet to see. Russia became usually an exciting country from a fintech adoption angle in which you don’t want cash at all. Crypto adoption became usually pretty high.
I still remember going to a blockchain conference in 2017 in Hong Kong and hearing Russian spoken everywhere.
I agree with this 10% growth in the crypto market wasn’t a coincidence. Russian people had been and might be transferring their funds into cryptocurrency, claiming ownership over their funds, and disconnecting the corrupt and repressive authorities from their money.
It is an awakening moment for people around the world to appreciate the financial freedom and independence that can be achieve with cryptocurrencies.
It is frustrating that it took a war for Russians to take to the streets and fight against the government that has hurt the Russian economy for years. Putin is responsible for imprisoning innocent people who resisted the regime, capturing the media, and draining valuable talent from the country.
We can deny our guilt in every horror that occurs, but the truth is that we are partially responsible. We are the ones who hold accountable the people who commit horrors. And we are also the ones who have the potential to take that power away from them.