Russia may Use Cryptocurrency to Mitigate Sanctions

Despite the imposition of strict financial restrictions by the western bloc, the Russian army has kept advancing in Ukraine, taking over city after city. Considering the situation, more countries are coming forward in support of Ukraine and announcing making steps in that regard. It is a good sign that the USA and the NATO nations have refrained from initiating a military excursion that can potentially start an international war.

However, at the media and the state level, there are a heavy set of financial restrictions that can potentially cripple Russia. The latest country from Asia to join the US against Russian military aggression is South Korea. Media outlets reported that five major crypto exchanges of South Korea banned IP addresses and accounts hailing from Russia.

Switzerland has also Imposed Sanctions Against Russia

Switzerland is known for its infamous neutral policies during the World Wars before. The country is also responsible for offering private and secure banking services to all the major oligarchs of the world. However, it seems that this time Swiss government is unable to stay neutral in the ongoing Russian and Ukrainian skirmishes.

Another South Asian country to join the western bloc in their opposition against the Russian military is Singapore. Once again, Singapore is known for its friendly policies and highly inclusive culture. However, Singapore recently decided to join South Korea and Switzerland in imposing financial sanctions and economic restrictions on Russia to discourage it from continuing the conquest of Ukraine.

Among the rising internal tensions, Japan has decided to issue a public statement as well. The country’s finance minister recently claimed that the government has been keeping a close watch on the crypto and SPFS related financial activities of the Russian government. It should be noted that SPFS is an alternative to the SWIFT systems.

The Russian and Chinese government has been working on the development of alternative banking infrastructure since 2014, when the USA first threatened a financial boycott. FM of Japan also claimed that the country is ready to take sides and take necessary steps to stop any chances of international clashes and nuclear war breakouts.