{"id":294827,"date":"2024-08-13T09:48:26","date_gmt":"2024-08-13T09:48:26","guid":{"rendered":"https:\/\/www.techopedia.com\/?p=294827"},"modified":"2024-08-13T09:48:26","modified_gmt":"2024-08-13T09:48:26","slug":"can-crypto-bypass-sanctions","status":"publish","type":"post","link":"https:\/\/www.techopedia.com\/can-crypto-bypass-sanctions","title":{"rendered":"Can Crypto Bypass Sanctions? Russia Thinks So"},"content":{"rendered":"<p>By now, we are all familiar with the versatile use of <a href=\"https:\/\/www.techopedia.com\/definition\/27531\/cryptocurrency\">cryptocurrencies<\/a>. From enabling fast and borderless transactions to serving as an investment vehicle, digital currencies have demonstrated their capacity to disrupt traditional financial systems.<\/p>\n<p>On July 30, 2024, Russian lawmakers <a href=\"https:\/\/sozd.duma.gov.ru\/bill\/237585-8\" target=\"_blank\">passed a bill<\/a> that will allow local businesses to use cryptocurrencies in international trade deals in an effort to side-pass Western sanctions.<\/p>\n<p>Russia is not the first country to turn to cryptocurrencies in an attempt to side-pass imposed sanctions with <a href=\"https:\/\/www.techopedia.com\/north-korea-steals-2b-in-crypto-what-do-experts-have-to-say\">North Korea also reportedly using digital currencies<\/a> for the same reason.<\/p>\n<p>How significant is Russia&#8217;s latest move to the crypto community? And can crypto truly be used to circumvent sanctions? We turn to the experts.<\/p>\n<div class=\"su-note\"  style=\"border-color:#dddddd;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#f7f7f7;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\">\n<h2><span id=\"key_takeaways\">Key Takeaways<\/span><\/h2>\n<ul>\n<li>Russia passed a new bill that allows businesses to use cryptocurrencies in international trade, aiming to bypass Western sanctions.<\/li>\n<li>The <span>Russian ruble<\/span>\/USDT pair may see significant movement as demand from importers grows, indicating a potential increase in cryptocurrency transactions and market activity within Russia.<\/li>\n<li>Despite the new bill, Russia&#8217;s crypto regulations remain complex, requiring businesses to navigate stringent AML and KYC laws to avoid legal issues and ensure compliance.<\/li>\n<li>This new crypto strategy could strengthen ties with countries like Iran and China.<\/li>\n<li>This legislation represents a step toward mass crypto adoption in Russia, potentially transforming how international trade is conducted and encouraging broader use of digital currencies.<\/li>\n<\/ul>\n<\/div><\/div>\n<div>\n    <section class=\"toc-sticky w-100 bg-white \">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\"\n                 aria-controls=\"multiCollapse1\"\n                 data-bs-target=\"#multiCollapse1\">\n                <button\n                        class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\"\n                >\n                    <i class=\"icon-chevron-up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n                <span class=\"toc-main-title-permanent\">Table of Contents<\/span>\n            <\/div>\n            <div\n                    class=\"collapse my-3\"\n                    id=\"multiCollapse1\"\n            >\n                <ol class=\"StepProgress\">\n                                                                        <li class=\"StepProgress-item current\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"key_takeaways\"\n                               onclick=handleScrollToTitle(\"key_takeaways\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Key Takeaways<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"russia_to_allows_businesses_to_use_crypto_in_deals\"\n                               onclick=handleScrollToTitle(\"russia_to_allows_businesses_to_use_crypto_in_deals\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Russia to Allows Businesses to Use Crypto in Deals<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"financial_agents_as_a_new_emerging_group\"\n                               onclick=handleScrollToTitle(\"financial_agents_as_a_new_emerging_group\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Financial Agents as a New Emerging Group<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"rubusdt_pair_could_see_growth\"\n                               onclick=handleScrollToTitle(\"rubusdt_pair_could_see_growth\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">RUB\/USDT Pair Could See Growth<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"regulatory_environment_continues_to_remain_complex\"\n                               onclick=handleScrollToTitle(\"regulatory_environment_continues_to_remain_complex\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Regulatory Environment Continues to Remain Complex<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"cryptocurrencies_could_offer_sanctioned_countries_a_path\"\n                               onclick=handleScrollToTitle(\"cryptocurrencies_could_offer_sanctioned_countries_a_path\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">Cryptocurrencies Could Offer Sanctioned Countries a Path<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"the_bottom_line\"\n                               onclick=handleScrollToTitle(\"the_bottom_line\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">The Bottom Line<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                                                        <li class=\"StepProgress-item\">\n                                                <div class=\"StepProgress-item__group\">\n                            <a data-id=\"references\"\n                               onclick=handleScrollToTitle(\"references\")\n                               class=\"StepProgress-item__link\" data-level=\"2\">References<\/a>\n                                                    <\/div>\n                                                <\/li>\n                                    <\/ol>\n                <div class=\"toc-sticky__container__disperse\"><\/div>\n                <div class=\"toc-sticky__btn-top justify-content-center\">\n                    <button class=\"btn btn-link d-flex align-items-center\" onclick={btnTop()}><p>Show Full Guide<\/p><img decoding=\"async\"\n                                src=\"\/wp-content\/plugins\/table-of-contents\/assets\/images\/arrow-up-circle.svg\"\n                                alt=\"arrow-up-circle\">\n                    <\/button>\n                <\/div>\n            <\/div>\n        <\/div>\n    <\/section>\n    <div class=\"toc-sticky-list\">\n        <div class=\"toc-sticky__container container\">\n            <div class=\"toc-sticky__open d-flex align-items-end\" data-bs-toggle=\"collapse\" aria-controls=\"multiCollapse2\" data-bs-target=\"#multiCollapse2\">\n                <button class=\"btn btn-primary collapse-action-btn p-1 rounded-circle\"\n                        type=\"button\">\n                    <i class=\"icon-chevron-up up\"><\/i>\n                <\/button>\n                <span id=\"toc-current-title\" class=\"d-flex align-items-center\">\n                    Table of Contents\n                <\/span>\n            <\/div>\n            <div  class=\"collapse my-3\" id=\"multiCollapse2\">\n                <ol class=\"StepProgress\">\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item current \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"key_takeaways\"\n                                   onclick=handleScrollToTitle(\"key_takeaways\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Key Takeaways<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"russia_to_allows_businesses_to_use_crypto_in_deals\"\n                                   onclick=handleScrollToTitle(\"russia_to_allows_businesses_to_use_crypto_in_deals\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Russia to Allows Businesses to Use Crypto in Deals<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t                                                     <li class=\"StepProgress-item \">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"financial_agents_as_a_new_emerging_group\"\n                                   onclick=handleScrollToTitle(\"financial_agents_as_a_new_emerging_group\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Financial Agents as a New Emerging Group<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t\n\t\t\t\t\t\t <span class=\"show_moretoc\">Show Full Guide<\/span>\n\t\t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"rubusdt_pair_could_see_growth\"\n                                   onclick=handleScrollToTitle(\"rubusdt_pair_could_see_growth\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">RUB\/USDT Pair Could See Growth<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"regulatory_environment_continues_to_remain_complex\"\n                                   onclick=handleScrollToTitle(\"regulatory_environment_continues_to_remain_complex\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Regulatory Environment Continues to Remain Complex<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"cryptocurrencies_could_offer_sanctioned_countries_a_path\"\n                                   onclick=handleScrollToTitle(\"cryptocurrencies_could_offer_sanctioned_countries_a_path\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">Cryptocurrencies Could Offer Sanctioned Countries a Path<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                                      <li class=\"StepProgress-item ms_hidetoc\">\n                                                    <div class=\"StepProgress-item__group\">\n                                <a data-id=\"the_bottom_line\"\n                                   onclick=handleScrollToTitle(\"the_bottom_line\")\n                                   class=\"StepProgress-item__link\"\n                                   data-level=\"2\">The Bottom Line<\/a>\n                                                            <\/div>\n                                                    <\/li>\n                    \t\t\t\t\t \t\t\t\t\t \t\t\t\t\t\t  \t\t\t\t\t                                             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per scroll)\n            const target = document.querySelector(\".toc-sticky\");\n            const targetListStatic = document.querySelector(\".toc-sticky-list\");\n\n            if (!target || !header) return;\n\n            const headerHeight = header.getBoundingClientRect().height;\n            const targetHeight = targetListStatic.getBoundingClientRect().height;\n\n            \/\/ -headerHeight so it won't be jumpy\n            const stop = targetListStatic.offsetTop + headerHeight + targetHeight;\n            const docBody =\n                document.documentElement || document.body.parentNode || document.body;\n            const hasOffset = window.pageYOffset !== undefined;\n\n            const applySticky = function () {\n                \/\/ cross-browser compatible scrollTop.\n                const scrollTop = hasOffset ? window.pageYOffset : docBody.scrollTop;\n\n                \/\/ if user scrolls to headerHeight from the top of the target div\n                if 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document.querySelector('html').classList.remove('overflow-hidden');\n        pageLegend.classList.remove('overflow-auto');\n        pageLegend.style.height = 'auto';\n        window.scrollTo({\n            top: 0,\n            behavior: 'smooth'\n        });\n    }\n\n    const handleScrollToTitle = (id) => {\n        const el = document.getElementById(id);\n        const headerHeightDifference = window.innerWidth < 992 ? -30 : -15;\n        window.scrollTo({\n            top: el.offsetTop - 60 - headerHeightDifference - 10,\n        });\n    }\n<\/script>\n\n<h2><span id=\"russia_to_allows_businesses_to_use_crypto_in_deals\">Russia to Allows Businesses to Use Crypto in Deals<\/span><\/h2>\n<p>Russia&#8217;s State Duma passed a first-of-its-kind bill on 30 July 2024 stating that the country would allow businesses to use cryptocurrencies to secure international deals.<\/p>\n<p>According to Russia&#8217;s central bank head, Elvira Nabiullina, <a href=\"https:\/\/www.cbr.ru\/eng\/press\/event\/?id=18896\" target=\"_blank\">who spoke at the Federation Council&#8217;s Financial Market Development Board meeting<\/a>, the scheme is set to start under &#8220;an experimental regime&#8221; and will be pioneered before the end of the year.<\/p>\n<p>Anton Gorelkin, a member of the State Duma and the co-author of the bill, <a href=\"http:\/\/duma.gov.ru\/news\/59800\/\" target=\"_blank\">added:<\/a><\/p>\n<p>&#8220;We consider cryptocurrencies to be a tool which we can use to bypass sanctions as well as a point of high-tech export. Today, Russia ranks second highest in mining [crypto], and I am confident that once regulation in this area is established, we will surpass the United States, taking first place.&#8221;<\/p>\n<p>According to industry experts, Russia&#8217;s bill is considered a &#8220;strategic move&#8221; to sidestep Western sanctions, as the country itself has stated \u2014 &#8220;but it also represents a significant shift in Russia&#8217;s global trade strategy amid increasing financial isolation,&#8221; <strong>Anndy Lian, an inter-governmental blockchain advisor, <\/strong>told Techopedia.<\/p>\n<p>Lian added that the country&#8217;s current move is particularly noteworthy, seeing as Russia has previously had a pretty powerful anti-crypto stance, thus &#8220;indicating a programmatic shift in response to economic pressures&#8221;.<\/p>\n<h2><span id=\"financial_agents_as_a_new_emerging_group\">Financial Agents as a New Emerging Group<\/span><\/h2>\n<p><strong>Dmitry Mishunin, the CEO of <\/strong><a href=\"https:\/\/hashex.org\/\" target=\"_blank\"><strong>HashEx Blockchain Security<\/strong><\/a>, told Techopedia that Russia is most likely not evading sanctions through the use of cryptocurrency but giving way to a new group of financial agents \u2014 middlemen who perform transactions for importer companies.<\/p>\n<blockquote><p>&#8220;The scheme is simple: the importer pays the agent in rubles, and the agent pays in other currencies to the exporter.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;And this can be certified as a transaction between the supplier and the buyer without mentioning the agent.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;No one can say for sure how specifically these agents work. Some transfer their money through friendlier countries, some indeed use cryptocurrency.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;However, more often than not agents are smaller companies that belong to large financial institutions.&#8221;<\/p><\/blockquote>\n<p>Mishunin added that such agents often charge 15% for their services, however, the legislative basis for crypto payments within the country could open up the market for smaller-level agents who could lower the price for their services to 10% \u2014 a positive step for the country&#8217;s economy.<\/p>\n<p>Lian further explained that while cryptocurrencies do provide a theoretical means to bypass sanctions, the practical implementation remains &#8220;complex and fraught with risks&#8221;.<\/p>\n<blockquote><p>&#8220;Cryptocurrencies offer a degree of anonymity and can facilitate cross-border transactions without relying on traditional financial systems, which are often subject to sanctions.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;However, the transparency of blockchain technology means that transactions can be traced, and major exchanges typically comply with international regulations, including sanctions.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;Regulatory scrutiny is increasing, and many countries are implementing stricter controls on cryptocurrency transactions to prevent their use in illegal activities \u2026 Therefore, while possible, using cryptocurrencies to evade sanctions is not a foolproof or widely adopted strategy.&#8221;<\/p><\/blockquote>\n<h2><span id=\"rubusdt_pair_could_see_growth\">RUB\/USDT Pair Could See Growth<\/span><\/h2>\n<p>Meanwhile, while some investors may avoid <a href=\"https:\/\/www.techopedia.com\/definition\/stablecoin\">stablecoins<\/a>, industry experts are noting that the RUB\/<a href=\"https:\/\/www.techopedia.com\/definition\/tether-usdt\">USDT<\/a> pair could see much movement in a deal like this.<\/p>\n<p>&#8220;The other side of this coin is satisfying the demand for crypto assets. We might actually witness a deficit in the RUB\/USDT pair, in case the demand from importers starts growing.<\/p>\n<p>&#8220;It is one thing to provide your services to tourists and some professionals, new market demands are an entirely different thing,&#8221; HashEx&#8217;s Mishunin explained.<\/p>\n<p><strong>CEO of bitsCrunch, the AI-enabled decentralized, blockchain data network, Vijay Pravin<\/strong>, further highlighted the role popular stablecoins such as <a href=\"https:\/\/www.techopedia.com\/definition\/usd-coin-usdc#:~:text=USD%20Coin%20(USDC)%20is%20a,for%20traders%20amidst%20market%20upheavals.\">USDC<\/a> and USDT could play in this deal due to their price stability and widespread acceptance.<\/p>\n<blockquote><p>&#8220;Cryptocurrencies with robust privacy features could be appealing options due to their transaction anonymity.&#8221;<\/p><\/blockquote>\n<h2><span id=\"regulatory_environment_continues_to_remain_complex\">Regulatory Environment Continues to Remain Complex<\/span><\/h2>\n<p>Despite the recent bill, Russia&#8217;s recent legalization of <a href=\"https:\/\/www.techopedia.com\/definition\/33729\/cryptomining\">crypto mining<\/a>, which is set to take action from November 2024, as well as continued efforts to pilot the digital ruble, crypto regulations in Russia continue to remain complex.<\/p>\n<p>Lian explained:<\/p>\n<blockquote><p>&#8220;Compliance with Russian regulations is essential to avoid legal repercussions. Internationally, businesses must navigate the varying legal frameworks of different countries, many of which have stringent regulations on cryptocurrency transactions to prevent money laundering and other illicit activities.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8220;Additionally, major <a href=\"https:\/\/www.techopedia.com\/definition\/33372\/cryptocurrency-exchange\">cryptocurrency exchanges<\/a> often comply with international sanctions, limiting the ability of sanctioned entities to use their platforms.&#8221;<\/p><\/blockquote>\n<p>BitsCrunch&#8217;s Pravin added that <a href=\"https:\/\/www.techopedia.com\/definition\/anti-money-laundering-aml\">Anti-Money Laundering<\/a> (AML) and <a href=\"https:\/\/www.techopedia.com\/definition\/know-your-customer-kyc#:~:text=Techopedia%20Explains&amp;text=The%20key%20components%20of%20KYC,Address%20verification.\">Know Your Customer<\/a> (KYC) regulations are also something Russian businesses interested in conducting business via the use of cryptocurrencies should keep in mind.<\/p>\n<p>&#8220;Additionally, navigating sanctions enforcement by other countries and managing cross-border legal discrepancies will be crucial to avoid further legal complications.&#8221;<\/p>\n<p>Either way, however, experts agree that the introduction of such a bill is a means to strengthen ties with Russia&#8217;s friendlier nations and those that are also looking to bypass Western sanctions such as Iran and China.<\/p>\n<p>&#8220;On one hand, it might strengthen ties with countries that are also looking to bypass Western sanctions, such as Iran and China, fostering a bloc of nations using alternative financial systems. On the other hand, it could strain relationships with countries that adhere to international sanctions and regulatory standards,&#8221; Lian explained.<\/p>\n<h2><span id=\"cryptocurrencies_could_offer_sanctioned_countries_a_path\">Cryptocurrencies Could Offer Sanctioned Countries a Path<\/span><\/h2>\n<p>Lian added: &#8220;Countries like Iran and North Korea have reportedly used cryptocurrencies to evade international sanctions. Iran has explored using Bitcoin for international trade to bypass banking restrictions, leveraging its abundant energy resources for mining. North Korea has been involved in cyber activities to steal cryptocurrencies, which are then laundered to fund its regime.<\/p>\n<p>&#8220;These cases show that while cryptocurrencies can offer a way to circumvent traditional financial systems, they come with significant risks and challenges.&#8221;<\/p>\n<p>The aftermath of such actions was increased scrutiny from international bodies that, in turn, limited the effectiveness of the countries&#8217; strategies.<\/p>\n<p>For Russia, Lian explains that the situation is similar, but on a larger scale seeing how the country has a more significant economic footprint.<\/p>\n<p>&#8220;The use of cryptocurrencies could provide some relief from sanctions, but the associated risks, including regulatory crackdowns and the volatility of crypto markets, make it a complex and uncertain strategy.&#8221;<\/p>\n<p>BitsCrunch&#8217;s Pravin added that global efforts to enforce international crypto regulations could present more challenges for Russian businesses that are looking to engage in financial trades using crypto.<\/p>\n<p>HashEx&#8217;s Mishunin, on the other hand, noted that any movement from the Russian government in the direction of crypto regulation instead of embargoes is a positive thing and could work wonders for the Russian economy.<\/p>\n<h2><span id=\"the_bottom_line\">The Bottom Line<\/span><\/h2>\n<p>Russia&#8217;s new bill to legalize cryptocurrency use in international trade represents a strategic move to bypass Western sanctions and adapt to political pressures. While this move could provide some relief and foster high-tech exports, it introduces complexities and risks, including regulatory scrutiny and potential legal challenges.<\/p>\n<p>The future of crypto adoption in global trade, particularly for countries under sanctions, continues to remain uncertain. Lian concludes that in the long term, the integration of <a href=\"https:\/\/www.techopedia.com\/definition\/central-bank-digital-currency-cbdc\">central bank digital currencies<\/a> (CBDCs) could offer a more regulated and widely accepted solution for international trade, even for sanctioned nations.<\/p>\n<div class=\"reference-content\">\n<div class=\"reference-heading reference-content-collapsible-heading\">\n<h2><span id=\"references\">References<\/span><\/h2>\n<\/div>\n<div class=\"reference-content-body\">\n<ol>\n<li><a href=\"https:\/\/sozd.duma.gov.ru\/bill\/237585-8\" target=\"_blank\">\u041f\u0440\u0438\u043d\u044f\u0442 \u0437\u0430\u043a\u043e\u043d \u043e \u043b\u0435\u0433\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u0438 \u043c\u0430\u0439\u043d\u0438\u043d\u0433\u0430<\/a> (Sozd.duma.gov)<\/li>\n<li><a href=\"https:\/\/www.cbr.ru\/eng\/press\/event\/?id=18896\" target=\"_blank\">Elvira Nabiullina\u2019s remarks at Federation Council\u2019s Financial Market Development Board meeting | Bank of Russia<\/a> (Cbr)<\/li>\n<li><a href=\"http:\/\/duma.gov.ru\/news\/59800\/\" target=\"_blank\">\u041f\u0440\u0438\u043d\u044f\u0442 \u0437\u0430\u043a\u043e\u043d \u043e \u043b\u0435\u0433\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u0438 \u043c\u0430\u0439\u043d\u0438\u043d\u0433\u0430<\/a> (Duma.gov)<\/li>\n<li><a href=\"https:\/\/hashex.org\/\" target=\"_blank\">HashEx Blockchain Security<\/a> (Hashex)<\/li>\n<\/ol>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By now, we are all familiar with the versatile use of cryptocurrencies. From enabling fast and borderless transactions to serving as an investment vehicle, digital currencies have demonstrated their capacity to disrupt traditional financial systems. On July 30, 2024, Russian lawmakers passed a bill that will allow local businesses to use cryptocurrencies in international trade [&hellip;]<\/p>\n","protected":false},"author":286591,"featured_media":295173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"no","_lmt_disable":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[601],"tags":[],"category_partsoff":[],"class_list":["post-294827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Can Crypto Bypass Sanctions? 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