What if cryptocurrency: How will Russia to circumvent US sanctions

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Economist and expert of the Ranepa under the President of Russia has shared with the readers ihodl.com opinion on why Russian regulators do not delay cryptocurrency legislation.

In November, despite assurances from the Advisor to Donald trump on national security John Bolton, the Russian economy will be under another blow of US sanctions. To understand that this will be a heavy blow, enough to see what happens when it even softer steps to protect American interests.

The introduction of Washington additional import duties only on selected items in Turkey and China has sent the Turkish Lira to fall, and the Chinese yuan is already eyeing the seven per U.S. dollar.

Russia threatens ban on payments in dollars, which paralyzed almost the entire oil and gas export countries: even Europe, our major trading partner, we sell raw materials for dollars, not euros.

CBR dumped their investments in Treasury bonds of the United States, reducing their amount in three months with 100 to less than $ 14 billion is clear evidence that the regulator is aware of the seriousness of the impending financial storm.

Payments in national currency — a project that will not earn in full, when the country will collapse the next sanctions of the tsunami. How then to circumvent sanctions, when Chinese banks stop working with Russian companies, even if they are not included in the sanctions list?

Now all eyes are on lawmakers in the State Duma. They had to make all laws about cryptocurrencies and the blockchain back to 1 July 2018 — the assignment was given by the President of Russia Vladimir Putin. However, deadlines have passed, and sanctions on the nose.

Wonder why the lower house is not wonder how the country will receive payments for oil and gas, if the $ translation exercise will be impossible?

Of course, we can assume that this scenario is unlikely, but it is not. It is not just feasible, but inevitable, given the logic of the US and its allies. In this situation, the calculations cryptocurrency would be the only way out of a difficult situation.

Yes, I can understand the deputies of the state Duma, what they see: the world is still a country and not defined in relation to cryptocurrencies. But in other States the situation is different: most of them are not under such sanctions, the United States, like Russia.

And those countries that are already (Iran, Venezuela), far ahead of Russia for the adoption of cryptocurrency. In Iran before the end of the year will launch the state of cryptocurrency in Venezuela Petro already exists, despite the fact that some media don’t believe it. However, the administration of the President of trump does not impose sanctions against a non-existent business relationships, and Petro was under financial constraints.

If Petro save Venezuela

Can be different for cryptocurrency, but if nothing else as a means of payment for Russian exports to invent yet possible, it is not necessary to delay the adoption of legislation that will spell out everything you need to use cryptocurrency rules to bypass sanctions the US and its allies.

The opinion of the author may not coincide with the position of the editorial Board

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