As you know, the current situation in the world is not exactly encouraging, given the Russian invasion of Ukraine. Since the beginning of this invasion, the Russian ruble has experienced a fairly large dump, and many experts expect the slump to continue. The decree signed by Vladimir Putin, which forbids the people of Russia from leaving the country with cash in foreign currency that would exceed $10,000 (approximately 9,000 euros), has even come into force to prevent an outflow of financial capital from the country. These days, many people are also leaving Russia itself, and they are massively withdrawing money from their bank accounts. In Moscow, for example, lines have been formed in front of ATMs for several days in a row.
With the huge number of sanctions imposed on Russia, it has understandably begun to debate that Russia could circumvent these sanctions due to cryptocurrencies, but there is currently a debate about whether Russia can be completely banned from accessing this alternative form of payment so that sanctions this country could not bypass. But is it possible? The Biden administration has been urging all crypto exchanges for several days to ban Russian citizens from using Bitcoin and other cryptocurrencies. However, the United States is not the first country to ask for something like this, as Ukrainian Deputy Prime Minister Mykhailo Fedorov wrote on his Twitter account a few days ago that he was asking all major crypto exchanges to block Russian users’ accounts. In this way, we can see that Russia would be totally cut off from the world in such a case. It is just sad that ordinary people, who are not to blame for anything, will take the most. However, it seems that the crypto community around the world is on the side of Ukraine (Binance has donated $10 million to Ukraine in BTC) and it will be so interesting to see how the crypto exchanges decide.