{"id":2221,"date":"2022-02-27T14:43:42","date_gmt":"2022-02-27T14:43:42","guid":{"rendered":"https:\/\/fatburningcoffeetrick.com\/?p=2221"},"modified":"2022-02-27T14:43:42","modified_gmt":"2022-02-27T14:43:42","slug":"analysts-warn-of-regulatory-risks-if-russia-is-able-to-use-crypto-to-evade-sanctions","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2221","title":{"rendered":"Analysts Warn of Regulatory Risks if Russia Is Able to Use Crypto to Evade Sanctions"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>Russia could turn to cryptocurrency if it is banned from the SWIFT payments system. Analysts have warned that if Russia is able to use crypto to evade sanctions, \u201cpolitical support in the U.S. for crypto will fall and regulatory risk will rise.\u201d<br \/><\/strong><\/p>\n<h2>Crypto Faces Regulatory Risks if Used by Russia to Evade Sanctions<\/h2>\n<p>Amid growing talk of banning Russia from the SWIFT global interbank payments system after its invasion of Ukraine, some analysts have warned that Russian President Vladimir Putin could turn to cryptocurrency to evade sanctions.<\/p>\n<p>\u201cWe believe Washington is worried that Russia will use crypto to evade sanctions,\u201d Cowen Washington Research Group analyst Jaret Seiberg reportedly said Friday. He added:<\/p>\n<p>If Russia is able to use crypto this way, then we believe political support in the U.S. for crypto will fall and regulatory risk will rise.<\/p>\n<p>Seiberg believes that since most global trade is still dollar-denominated, it could be challenging for Russia to use crypto to evade SWIFT.<\/p>\n<p>\u201cPaying in bitcoin requires a conversion to dollars, which provides a way to track activity \u2026 That also works in favor of crypto,\u201d he said.<\/p>\n<p>If Russia is unable to use cryptocurrency to circumvent sanctions, however, analysts believe that it could boost the viability of crypto in the eyes of regulators.<\/p>\n<p>Seiberg explained that political support of crypto would grow if crypto exchanges help uphold U.S. sanctions and if the government could track evasions using blockchains.<\/p>\n<p>Noting that \u201cFor crypto, this could be the crisis that determines how the government treats its use for payments and as a store of value,\u201d the Cowen analyst warned:<\/p>\n<p>Pressure would be on the trading platforms and wallets \u2026 This would not just be in the United States. We expect it also would apply in the U.K., EU and in the western allies in Asia.<\/p>\n<p>The U.S. Department of the Treasury sanctioned two Russian crypto exchanges last year. Suex and Chatex were found to have processed transactions tied to ransomware attacks and other illegal activities.<\/p>\n<p>The Treasury Department identified cryptocurrency as a major threat to sanctions programs in a report released last year. \u201cWe are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions,\u201d the Treasury Department explained.<\/p>\n<p>Tags in this story<\/p>\n<p>crypto evade sanctions, EU sanctions, evade sanctions, Financial Sanctions, Russia banned from Swift, Russia evading sanctions, Russia Swift, sanction crypto, sanctions cryptocurrency, Swift, US sanctions<\/p>\n<p><em><strong>Do you think Russia will turn to crypto to evade SWIFT and other sanctions? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Kevin Helms <\/p>\n<p class=\"article__body__author__info__about\">\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.<\/p>\n<p><i class=\"td-icon-font td-icon-mail-1\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/analysts-warn-regulatory-risks-if-russia-is-able-to-use-crypto-evade-sanctions\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia could turn to cryptocurrency if it is banned from the SWIFT payments system. Analysts have warned that if Russia is able to use crypto to evade sanctions, \u201cpolitical support in the U.S. for crypto will fall and regulatory risk will rise.\u201d Crypto Faces Regulatory Risks if Used by Russia to Evade Sanctions Amid growing [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2222,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2221","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2221","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2221"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2221\/revisions"}],"predecessor-version":[{"id":2223,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2221\/revisions\/2223"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2222"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2221"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2221"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2221"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}