Like China, Russia Will Use Digital Cash to Evade US Sanctions

Contact Your Elected Officials
The Epoch Times Header

Unless you happen to live under a rock, you are no doubt aware that the Chinese Communist Party (CCP) has rolled out its own digital currency, the digital yuan. Designed to directly compete with the U.S. dollar, the digital yuan was also designed for another reason—to evade U.S. sanctions, according to experts.

Another country that has chosen to take a leaf out of the digital currency playbook is Russiaa close ally of China. Like Beijing, Moscow will likely use this digital avenue to inflict further misery on the world and circumvent U.S. sanctions.

To understand Russia’s plans, we must first discuss cryptocurrencies. Of course, one cannot discuss cryptocurrencies without discussing bitcoin, the king of cryptocurrencies. Contrary to popular belief, bitcoin is amoral. Like a rolling pin, bitcoin can be used as a tool for good as well as bad.

In Eastern Europe, for example, the people of Ukraine continue to benefit greatly from bitcoin donations. Since the country was invaded by the Russians on Feb. 24, nongovernmental organizations have raised more than $11 million in cryptocurrency donations, most of it in bitcoin. Ukraine, perhaps acknowledging the inevitably of an invasion, recently opted to legalize bitcoin.

As Ukraine, one the largest countries in Europe, crumbles before our eyes, and people struggle to withdraw cash from banks, cryptocurrency donations offer many citizens an invaluable lifeline. However, the likes of bitcoin also offers another country a lifeline, and that country is Russia. Yes, the very country that invaded a sovereign nation, the very country responsible for the murder of innocent Ukrainians, stands to benefit from bitcoin.

Evading Sanctions

On Feb. 22, a couple of days before the invasion took place, President Joe Biden, to his credit, hit Russia with a number of economic sanctions. On Feb. 24, after Russian soldiers crossed the Ukrainian border, the Biden administration updated the list of targets. Some economists believe that U.S. sanctions alone could cost Russia $50 billion per year.

The Russian economy is suffering, and the Russian people, many of whom vehemently opposed the invasion, are suffering the most. Ukraine is crumbling, but, with the help of other countries, it will rise again. Russia, on the other hand, is a pariah. Patriam non grata, if you will. It may very well become the next hermit kingdom. Nevertheless, Vladimir Putin knew the invasion of Ukraine would be met with incredibly severe economic sanctions. His administration, one imagines, has planned accordingly.

This brings us back to the most popular cryptocurrency on the market, bitcoin. The decentralized nature of crypto allows the decent—as well as the indecent—to benefit from pseudonymous peer-to-peer transactions. To quote Matthew Sigel, a global investment expert, neither “dictators nor human rights activists will encounter any censor on the bitcoin network.”

By John Mac Ghlionn

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Charlie Kirk Assassin Spotted Before Shooting!

Charlie Kirk incident mirrors Trump attempt: shooter spotted on rooftop beforehand, echoing July attack’s circumstances.

In Defense of Radical, Real Ukrainian Sovereignty

My view on the deadliest war in modern history...

Is the Left Trying to Start a Race War?

The murder of Ukrainian immigrant Iryna Zarutska aboard a North Carolina train, caught on video, sparks outrage and claims of internal threats escalating.

Canada Forces Man to Remove Cameras From Private Property Amid Anti-Racism Push

Government expands its surveillance powers, while restricting citizens from monitoring their own property, citing concerns over “racism.”

Are the E. Jean Carroll Lawsuits a RICO Case?

Trump lost his appeal in the E. Jean Carroll cases, leaving him liable for $83.3M. He plans to take the matter to the U.S. Supreme Court.

Charlie Kirk Assassinated at Utah Event

Conservative influencer Charlie Kirk was shot during an event in Utah on Sept. 10, and he has died.

Charlie Kirk Shot and Has Died

Turning Point USA's Charlie Kirk was shot in the neck at an event at Utah Valley University in Orem and he has died according to his family.

Witnesses Recount Scene of Charlie Kirk Assassination

Conservative political activist Charlie Kirk was assassinated on Sept. 10, while speaking in front of a large crowd as part of a campus speaking tour.

Bipartisan Political Leaders Condemn Shooting of Charlie Kirk

U.S. leaders condemned the Sept. 10 shooting of conservative commentator Charlie Kirk at Utah Valley University, calling for unity and a thorough investigation.

Trump Signs Memo Targeting Direct-to-Consumer Pharmaceutical Advertising

President Trump signed a memo to ensure drug ads give fair, balanced, and complete information to protect and inform American consumers.

Trump Runs out of Patience With China, Sharpens His Words

President Donald Trump’s recent remarks targeting China and its allies mark a noticeable shift in tone.

Trump Signs Order Renaming Department of Defense as Department of War

President Donald Trump on Sept. 5 signed an executive order renaming the Department of Defense as the Department of War.

Trump Signs Executive Order Targeting Countries That Unlawfully Detain Americans

President Trump signed an EO on targeting the unlawful detention of American citizens around the world and to facilitate the release of hostages.
spot_img

Related Articles

Popular Categories

MAGA Business Central