Does Cryptocurrency: Act as a Safe Haven for Russia?

Jul 7, 2022, 6:37PM
3 min, 32 sec READ
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Crypto trading is an endeavor that reaps a lot of benefits for traders who keep a extra close eye on the movements in the digital markets.

The trading has ushered in a significant level of benefits for traders that have enough patience to observe and scrutinize the markets. It can be done only if you are open to learning the current market trends through an established medium like that guides you in and out about all the intricacies that are inherently associated with the market. 

Bitcoin trading platform helps all the traders to carefully assess their options and contemplate the potential opportunities and risks before making the final move. Hence, the chances of losing with this platform are almost none as the decisions are based on all the important current market trends. 

Now, the recent that erupted out of nowhere between Ukraine and Russia had its own detrimental impact which was clearly observed in the crypto industry as well. The impact of war clearly reverberated through the entire economy of Ukraine and they are still recovering from the colossal losses that the country had to bear. On the other hand, Russia made significant moves on its own accord and did not cease the attacks despite being heavily sanctioned by the majority of the countries that criticized its actions. 

Russia had not had much room for gaining access to funds that it used to receive from the SWIFT system. Therefore, the only haven that it could recognize in such desperate times was the evolution of cryptocurrency. Yes, cryptocurrencies saved Ukraine but they also facilitated Russia with a great deal of help from all possible aspects. 

Digital Assets Are Here to Stay 

The crypto assets have been running prominently in all the geographies and countries that aim to yield the true benefits of the technology. Right now, such assets have taken a commanding position in the mainstream as they have displayed their true relevance in the market on more than one occasion. Furthermore, we have truly witnessed the efficacy of such digital assets that help the countries to remain relevant and keep them going. 

Cryptocurrency is the only ideal option when it comes to transferring money through digital mediums in just a matter of seconds. Also, they provide additional security, transparency, and interoperability when it comes to transferring money from one part of the world to the other. Now, it gets used for positive and negative purposes alike and there is absolutely no way for any central authority to keep a proper track of the movement that digital assets usually make. 

A Different Perspective 

The chances of conducting transactions for illegal purposes and laundering couldn’t have been higher than they are in this scenario where nothing can be traced. This is one of the predominant benefits that has clearly been leveraged by the dominant countries like Russia which did not leave any stone unturned to decimate whatever Ukraine stood on. Now, the debilitating actions that Russia perpetrated on Ukraine have now backfired for Russia as it has been heavily sanctioned by the majority of the European and western countries. Furthermore, they are also subjected to a heavy crackdown and all the crypto traders that were located in the Russian region were in the crosshairs of the global authorities. 

Russia did not have any other option to utilize other than resorting to the unfathomable benefits of the cryptocurrency that always come in abundance. Moreover, we also need to realize one thing Russia used cryptocurrency for the majority of its objectives to move money and guard it successfully. Hence, it was indeed a safe haven for the Russians as they were only looking for a window of opportunity and it all came in the form of cryptocurrencies. The extreme level of damage that Russia perpetrated on the global level became almost irreparable which instigated heavy criticisms from all around the world. No country has ever gone undetected and unpunished after wreaking the level of havoc that Russia did to Ukraine which is unsurmountable from every level. The only escape for Ukraine was to resort to the donations that eventually saved the day for the entire country.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.