Coinbase CEO believes Russia will use untraceable offline assets against Sanctions
The chief executive officer of Coinbase exchange claimed that Russia may not choose crypto to bypass sanctions because of its huge tracking risks.
Today is the 9th day of the Russia vs Ukraine war. At the present time, Ukraine is facing huge weakness because of the huge potential of the Russian military. To support Ukraine, many countries’ governments announced trade and financial sanctions on Russia. Experts believe that the Russian government may use crypto assets-based payment options to bypass such financial sanctions.
On such speculation, which are going on in the crypto industry, the CEO of Coinbase Exchange, Brian Armstrong shared his stance on Twitter and noted that there are very rare chances for Russia to go with Crypto adoption to bypass such sanctions.
Brian noted that every company follows US laws, whether that company is holding a gold, dollar, or crypto no matter what, so all these restrictions will be automatically applied to all such companies.
Coinbase CEO also confirmed that the Coinbase exchange will follow the Sanctions imposed by the US on Russia and also will block the transactions to follow the orders.
Besides all these restrictions, Brian also explained that if Russia will use crypto assets-based payment solutions in some other cases then that fund will get traced, so Russia will try to use Gold, Cash, and other physical assets instead of crypto.
In the last, Brian claimed that Coinbase doesn’t want to ban all Russian users because access to this decentralized financial system is the right of every person. With this statement, he hinted that there are chances that the Coinbase exchange will ban particular IP addresses based users. But here it will be interesting to see what will be legal orders for the crypto exchange under such sanctions.
At all these things, Brian noted that they will try to keep working with the lawmakers & government to give the crypto services with the necessary steps and guidelines.
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