HomeNewscoinquora.comIndustry Experts, Regulators: ‘Bitcoin Cannot Save Russia’

Industry Experts, Regulators: ‘Bitcoin Cannot Save Russia’

- Advertisement -


Industry Experts, Regulators ‘Bitcoin Cannot Save Russia’
Bitcoin News

  • Industry experts and regulators said that cryptocurrencies including Bitcoin cannot save Russia from economic sanctions.
  • Brian Armstrong said that while blockchain networks are decentralized, crypto exchanges are still subject to law.
  • Bitcoin Policy Institute also quipped that Bitcoin is “far too small” to become an alternative to the US dollar or euro.

Experts have started weighing in on the notion that cryptocurrencies including Bitcoin are capable of circumventing the heavy economic sanctions placed on Russia. At the moment, Coinbase CEO Brian Armstrong, the US Treasury Department, the National Security Council, and the Bitcoin Policy Institute unequivocally said a flat-out ‘no’.

Armstrong said that cryptocurrencies would do a terrible job of masking transactions from regulators due to their transparent nature. And while blockchains are decentralized, cryptocurrency exchanges like Coinbase are not. Hence, they are under the law.

“This is not just my personal opinion, by the way,” he added. “experts at the US Treasury and NSC agree.”

For its part, Bitcoin Policy Institute also posted an update on its website, stating that cryptocurrencies are relatively inconsequential compared to fiat currencies.

Bitcoin currently is far too small to replace the dollar and the euro as a trade-currency. Russia’s annual (pre-war) exports total roughly $400 billion (5), around 50% of Bitcoin’s current market capitalization.

Meanwhile, Armstrong assured that Coinbase’s door will remain open to Russian users unless compelled by the law to do otherwise. He even quipped that Russians consider crypto as a “lifeline” given that the ruble has practically lost its value in just a couple of days.





Source link

- Advertisement -
Mr Bitcointehttps://www.bitcointe.com/
“Fact You Need To Know About Cryptocurrency - The first Bitcoin purchase was for pizza.” ― Mohsin Jameel
462FansLike
76FollowersFollow
4,567FollowersFollow
5,261FollowersFollow
1,580FollowersFollow
2,230SubscribersSubscribe

Most Popular

bitcoin
Bitcoin (BTC) $ 39,192.00
ethereum
Ethereum (ETH) $ 2,647.74
tether
Tether (USDT) $ 1.00
bitcoin-cash
Bitcoin Cash (BCH) $ 291.26
litecoin
Litecoin (LTC) $ 103.52
eos
EOS (EOS) $ 2.03
okb
OKB (OKB) $ 18.15
tezos
Tezos (XTZ) $ 3.10
leo-token
LEO Token (LEO) $ 5.36
cardano
Cardano (ADA) $ 0.86254
monero
Monero (XMR) $ 161.06
stellar
Stellar (XLM) $ 0.179195
chainlink
Chainlink (LINK) $ 13.95
huobi-token
Huobi Token (HT) $ 9.19
tron
TRON (TRX) $ 0.060062
usd-coin
USD Coin (USDC) $ 1.00
dash
Dash (DASH) $ 89.46
neo
NEO (NEO) $ 21.47
iota
IOTA (MIOTA) $ 0.732132
nem
NEM (XEM) $ 0.096763
zcash
Zcash (ZEC) $ 113.87
maker
Maker (MKR) $ 1,842.26
paxos-standard
Pax Dollar (USDP) $ 1.00
ethereum-classic
Ethereum Classic (ETC) $ 27.66
vechain
VeChain (VET) $ 0.049998
true-usd
TrueUSD (TUSD) $ 1.00
ftx-token
FTX Token (FTT) $ 41.03
kucoin-shares
KuCoin Token (KCS) $ 18.52
waves
Waves (WAVES) $ 17.54