Bitcoins invite themselves into the Russian-Ukrainian conflict. Could this system be used in the long term to circumvent economic sanctions against Russia? Not sure, experts say. But the spotlight on cryptocurrencies is undeniable.
Russia, Ukraine, both countries use cryptocurrencies. A decentralized and neutral system, because indeed in this type of conflict, it can serve both parties. In Ukraine, to raise funds around the world, in a short time. Currently the equivalent of nearly 100 million francs has been received in cryptocurrency. Advantage, the money is available almost instantly.
“Cryptocurrencies are an anti-censorship tool, it’s a pretty interesting case to prove that transfers and payments can continue to be done in the usual way.” explains Gabriel Jaccard, Regulatory Chair of the Crypto Valley Association and CEA of Arbitri.
On the Russian side, the volumes of purchases of bitcoins in ruble have risen sharply after a few days of conflict and there have been fears of the use of crypto by oligarchs to circumvent sanctions and continue to make payments outside the system. traditional banking. Unsustainable according to this expert: “Contrary to popular belief, bitcoin is not anonymous, it is pseudonymous. We can follow all the portfolios (…)” explains Jérôme Bailly, board member of the Crypto Valley Association.
And in our shops?
Already in place in rare Geneva businesses, could payment options in crypto currencies spread in the near future, to promote transactions with Russia? No we are told. “It’s not something that’s going to be notable (…) We see new announcements every day from brands that are stopping trading with Russia. Cryptocurrency is more on the side of the oppressed,” explains Jérôme Bailly.
The war in Ukraine could thus highlight the usefulness of a decentralized currency detached from any government control. Cryptocurrencies therefore have their card to play more than ever.