Ally or suspect? The war in Ukraine as a stress test for the crypto industry

Crypto can be used for good, but many Western powers won't view it that way if Russia successfully uses it to bypass sanctions.

published nuanced analyses of why Russia’s elites can’t effectively substitute access to SWIFT with crypto, putting forward several key reasons.

Crypto’s current capacity to serve as a stealthy, fast, cheap tool for transferring big money from sanctioned jurisdictions elsewhere seems rather limited compared with that of the existing web of offshore infrastructure that has been sheltering wealth of any origin for the last 50 years.to support the global effort to stop Russia’s actions in Ukraine and comply with existing Anti-Money Laundering and Know Your Customer standards.

“In my view, the Ukraine crisis and related sanctions pose a massive challenge to the crypto industry. If cryptocurrencies are used to evade sanctions, a strong regulatory crackdown should be expected. Sovereign nations are highly unlikely to tolerate the loss of capacity to impose sanctions.” The endgame of the discussions between global regulators and the crypto industry would be defined by the latter’s willingness to give up more around anonymity and decentralization, which are vital parts of its DNA.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Cointelegraph /  🏆 562. in US

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Crypto for Good: How to Donate Crypto and Who Accepts ItThe war in Ukraine has highlighted the power of crypto for good, with nearly $100 million donated to Ukraine since the invasion began. If you're interested in donating crypto to the effort or to any charitable cause, Rob_Stevens_ explains how:
Read more »

Is the Ukraine war intensifying regulatory pressure on crypto firms?The war in Ukraine has placed unexpected pressure on crypto, specifically on the issue of sanctions. Is it possible for the industry to abide while standing by its claims of being borderless, censorship-free and distributed decentrally?
Read more »

Bitcoin Volatility, Biden's Executive Order, and Russia-Ukraine Woes: This Week's Crypto RecapThis week was riddled with volatility as Bitcoin's price went on a wild ride. We also saw Biden's executive order, the highest CPI numbers in decades, and more.
Read more »

Ukraine turns crypto donations into 5,550 bulletproof vests, 500 helmets and moreAs millions of dollars in cryptocurrency have flowed into Ukraine, the country has turned such donations into thousands of bulletproof vests, packed
Read more »

Ebay Creates Digital Crypto Wallet!? Warning to Crypto 401k Holders! [ Crypto Espresso 03.11.22 ]For more information about crypto and today's stories, just Ask Alex: https://CoinMarketCap.com/Alexandria/🔵 CoinMarketCap Daily: • Bitcoin Flat as U.S. Inf...
Read more »