Crypto Exchanges Allow Russians to Circumvent Sanctions, Report Alleges – Exchanges Bitcoin News
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The recent report from the Moscow-based think tank, the Institute of Contemporary Development (INSOR), has revealed that Russian citizens are using cryptocurrency exchanges to circumnavigate international sanctions.
The report, titled “Cryptocurrency Exchanges and the Sanctions Regime: Challenges and Opportunities”, claims that Russian citizens are using cryptocurrency exchanges to bypass the international financial system, which is heavily regulated by the US and European Union.
According to the report, the use of cryptocurrencies has become increasingly popular among Russians, who are looking to bypass the restrictions imposed by the US and EU. The report states that the use of cryptocurrencies has become particularly prevalent in Russia, where the government has imposed strict financial regulations, including the freezing of assets and the blocking of international payments.
The report claims that, in order to circumvent the sanctions, Russians are using cryptocurrency exchanges to convert their fiat currency into digital assets, such as Bitcoin and Ethereum. The report also notes that the use of cryptocurrencies is not limited to Russia, as other countries have also adopted the use of digital assets to bypass the sanctions regime.
The report also highlights the potential risks associated with the use of cryptocurrency exchanges, including the possibility of money laundering, terrorist financing, and other illicit activities. The report notes that, despite the potential risks, the use of cryptocurrency exchanges has the potential to provide a safe and secure way for Russians to access the international financial system.
The report concludes by noting that, while the use of cryptocurrency exchanges may provide a way for Russians to circumvent the sanctions regime, it is important for regulators to ensure that the exchanges are properly regulated in order to protect investors and prevent money laundering and other criminal activities.
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