Russia says it’s using bitcoin to evade sanctions

https://www.axios.com/2024/12/25/russia-bitcoin-evade-sanctions-crypto

by BothZookeepergame612

34 comments

  4. rusia using a ponzi scheme to wash money, who’d have thought…

  5. Can’t wait for trump to realize his beloved crypto is the best way to get around his beloved sanctions.

  6. Explains why Trump is so pro-crypto without having a clue about it.

  8. **PRÉCIS**

    **Russia Turns to Bitcoin to Bypass Western Sanctions**

    Russia has started using Bitcoin to circumvent Western sanctions, as Finance Minister Anton Siluanov confirmed. A new legal framework allows approved entities, including cryptocurrency miners, to use digital currencies for international trade.

    This initiative addresses the Russian economy’s difficulties in conducting global transactions, especially with countries like China that do not depend on the U.S. dollar. Additionally, the policy benefits domestic energy companies, which can supply electricity to Bitcoin miners who require a significant amount of power.

    However, accepting such payments abroad remains uncertain due to varying international laws and pressure from Western financial regulators. This development poses a complex challenge for global policymakers, particularly in light of U.S. efforts to maintain the dollar’s dominance.

  10. Yes use the immutable ledger to evade sanctions and then announce it!

    As solid as their plan to take over Ukraine in 3 days

  11. Ok so they won’t mind the sanctions staying in place then.

  13. And yet you pay no taxes on bitcoin gains if you hold them for more than a year in Germany. This makes crypto very attractive.

  14. Isn’t that kinda stupid? BTC is insanely hard compared to rouble and Russia can’t print it. Meaning contracts and debt written in BTC have to be payed in actual worth.

    And who in is right mind is selling BTC for rouble in nation scale amounts?

  16. Russia has used bitcoin for ages, like all other criminal scum.

  17. Ironically bitcoin is completely traceable now, likely easier than usd to track

  18. I mean, of course. This is exactly what it was made for. Uncensorable. No middle man. Out of reach of any law enforcement. This is the logical consequence of all its properties. Did you think criminals, terrorists and sanctioned nation states wouldn’t use it? Did you think they wouldn’t use the tool you gave them?

  19. Bitcoin is also how a lot of people including Russians covertly and safely donate to Ukrainian charities and the pro-Ukrainian war effort.

  20. ITT: a bunch of people with strong opinions but with nothing to back those opinions

  21. They still have to use the Ruble one way or another so if not then the Ruble will continue to decline. Hooray

  22. I guess it is not working great for them? If it was they would not have mentioned it.

  23. So from now on, when Bitcoin goes down, Putin tells what a great thing it is.

  24. Didn’t Trump just mention [having a strategic reserve of Bitcoin](https://www.forbes.com/sites/mauriciodibartolomeo/2024/11/07/trumps-top-3-bitcoin-promises-and-their-implications/) AND just get a pro-Bitcoin GOP person in the white house? I’m sure that Russia using it is just coincidental and any scheming/pump and dump/scamming of American taxpayer money by Trump and his russian friends will be a coincidental oopsy-doodle and somehow “the Democrats fault!!!!11!!!” because something something marxism communism eating the dogs eating the cats garbage island rapist and thieves(sounds of furious masturbating to white supremacy edgelord buzzwords)”

  25. Blackrock are going knee deep with crypto too.
    Interesting how this will all play out…

  27. I sure hope this means western governments decide to make bitcoin illegal.

  28. Look at Dubai….wealthy Russians buy Bitcoin using rubles in Russia ….. then sell the Bitcoin in Dubai and pay 0 taxes and buy real estate….

  29. Isn’t that what crypto is….an uncontrolled/pro-privacy currency….

  33. Palantir thingie exists, but sanction writers will still make a surprise face as if they were not aware how the ruzzians sidestep anything they come up with.

    Should i tell you about blossoming Kazakhstan server industry, where the rise of units imported to the country and shipped conveniently continues abruptly halted line of former imports directly by russia from the EU? Fuckers laughing at minor inconveniences.

Comments are closed.