Russian Bitcoin and Other Cryptocurrencies Could Be Part of Future Sanctions

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The recent internecine war that broke out between Russia and Ukraine displays just how much damage can be made in just a matter of seconds. Russia continues to wreak havoc on Ukraine, and unabated assault has become a part of what Ukraine has been forcefully subjected to. The war not only crippled Ukraine’s ability to counter-attack but also stripped them of their potential to sustain themselves. Thousands of people were forced to evacuate their homes, places, and residential places without knowing where they were headed. 

Resilience in the face of war displayed by Ukraine 

The only notion that ruled the mentality of millions of survivors was to make it out alive with their respective families. Now, these gruesome horror & diabolical acts perpetrated by Russia certainly had irrecoverable repercussions, which not only tarnished the country’s reputation in the global market but also got expelled from SWIFT financial systems. A majority of western nations came in unison to oppose the moves initiated by Russia, and it all culminated into a pool of sanctions being slapped on Russia. Now, www.sharecast.com had previously addressed the issue around this matter, and you can check it out. 

What is the fate of the Ukrainian population, and what will be the implications of sanctions? 

The reality is way more excruciating for the Ukrainian population, and it continues to deteriorate with each day and week rolling by. The lack of resources in the country had almost plunged the population into a state of acute desperation. However, the day was saved by the outpouring of donations from all around the world that came in the form of cryptocurrency. The donations continue to pour in every day, which is helping the afflicted population to get by. Now, it is quite obvious to mention the pivotal role that the crypto industry has played throughout the course of the war. 

On one side, such digital assets are being used to save & sustain lives, whereas a pool of the same resources is also being used to finance the war that doesn’t seem to cease anytime soon. Russia had already displayed its willingness in the past that cryptocurrency will soon be considered as a legal tender of money which can now easily be witnessed. Financing the war is one of the key requirements for Russia, and it won’t take any second chances which might jeopardize their pursuit. Now, sanctions have somewhat crippled the ability of Russia to finance the war, and the debilitating impact of such sanctions can easily be observed in the country.

Is Russia already prepared for the worst-case scenario to unfold? 

Sanctions were the only way to impede Russia’s ability from wreaking havoc on Ukraine. But, it is quite evident that Russia is well-prepared for everything that the world has to offer, and hence, they were all set to incorporate the use of cryptocurrency. Sanctions are continuously mounting on Russia, which is not a good sign for the country at all, but its resilience & defiance in the wake of war seems unrelenting. It is undeniably a major concern that the leading countries will have to take into account. Nonetheless, Ukraine has come to grips with the gruesome reality that Russia had in store for the country, and now they seem to be bouncing back to stave off any potential threat.

Western nations stand united to put a halt to Russia’s killing spree

Sanctions on cryptocurrency are also inevitable for Russia, which will further cripple their ability to conduct their nefarious schemes. However, it might be a little challenging for western countries to put an end to Russia’s ability to finance the war. So far, it is quite evident that Russia has embraced itself for the worst-case scenario and seems to have a solution for every challenge & obstacle that are being strewn across their path of dominance. Hence, imposing sanctions on cryptocurrency and other digital assets must be the top priority for other developed nations, which will eventually put a halt to the malicious plans that Russia has in store for Ukraine. 

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