Top Economist Shares Why It Would Be Dreadfully Bearish If Russia Uses Crypto to Bypass Sanctions

Alex Krüger, an economist and crypto trader, has warned the crypto community to be careful what they wish for, as he aired his opinion on what would happen if Russia chooses to use cryptocurrency to bypass sanctions.

It can be recalled the United States, the United Kingdom, and others have officially sanctioned Russia for choosing to invade Ukraine instead of giving room to dialogue.

Read Also: Russian Invades Ukraine, Ethereum Co-Founder Tweets in Russian: “This is a crime against the Ukrainian and Russian people”

Alex Krüger, in a tweet a few days ago, stated that it would be dreadfully bearish for crypto if it’s used by Russia to bypass sanctions. He said such a move will push regulators to crush the crypto industry as a matter of national security. He thereby urged members of the crypto community not to expect it to happen.

Alex Krüger tweeted, “Russia using crypto to bypass sanctions would be dreadfully bearish don’t expect it to happen but be careful what you wish for. US regulators would be pushed to crush the industry as a matter of national security.”

Joe Biden and Boris Johnson Impose Sanctions on Russia

Last week Thursday, President Joe Biden declared in a press conference that the United States will block five of the biggest Russian banks and freeze all assets they hold in America, worth over $1 trillion.

The prime minister of the United Kingdom, Boris Johnson, also imposed a similar sanction on the same day. The UK has frozen assets of all major Russian banks and cut them off from the financial markets of the United Kingdom.

Read Also: Ukraine’s Official Twitter Handle Just Requested Donations in Bitcoin, Ethereum, and USDT

Boris Johnson also seeks to restrict Russian companies and the Russian government from raising money on U.K. markets, a move that was also expressed by Biden during his press conference.

Moreover, Biden said the United States and G7 leaders have reached an agreement to limit Russia’s ability to do business in dollars, euros, pounds, and yen.

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