RATE Group | Cryptocurrency Sanctions Evasion ‘Already Happening’
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Cryptocurrency Sanctions Evasion ‘Already Happening’

30 Jul Cryptocurrency Sanctions Evasion ‘Already Happening’

Posted at 22:56h in Cryptocurrency News by

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Cryptocurrency Sanctions Evasion ‘Already Happening’ 101
Source: iStock/oushie

A financial expert believes cryptocurrencies are already playing a role in Iran and Russia’s fight against economic sanctions – and says the states’ government may turn to miners for further assistance.

Per a report from Russian media outlet 360, Alex de Vries, Senior Consultant and Blockchain Specialist at PwC, says that “bypassing sanctions using cryptocurrency is a reality.”

De Vries is also quoted as saying, “It’s already happened in the past – for example when PayPal blocked transfers to [pro-Russian activists in] Ukraine in 2014. Cryptocurrency ownership spiked then. Blocking transfers to wallets was impossible. One would never even know that the recipient was in [Eastern] Ukraine because the system is considered to be pseudo-anonymous.”

A recent report claimed that Venezuelan authorities have been using bitcoin to dodge sanctions at an airport in the country since 2018, and now wish to expand their crypto-operations.

However, the…

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