Feb 24, 2022

How Bitcoin, Other Cryptocurrencies Could Serve As Workaround For Russians Facing Global Sanctions

Posted by in categories: bitcoin, cryptocurrencies

The geopolitical tension surrounding Russia’s invasion of Ukraine is intensifying. In retaliation to Russia’s attack on the sovereign nation, Western nations have either imposed or are contemplating sanctions against the country.

Although cryptocurrencies have sunk deep into the red in reaction to the Ukrainian crisis, analysts see the space as a potential beneficiary.

What Happened: The sanctions may not produce the intended effect in Russia, where cryptocurrency ownership is relatively higher, according to Bloomberg. The country is also taking steps to legalize cryptos.

Comments are closed.