The West continues to impose more and more sanctions on Russia and Russian billionaires, seizing real estate and yachts. Bitcoin could be a way to save money.
Forbes magazine, citing the CEO of the law firm W Legal, Nigel Kusher, reports that large businessmen simply have no options for investing funds other than bitcoin. Kusher personally works with a number of rich Russian citizens, whom, however, he refuses to name by name.
“Russian oligarchs are faced with an urgent problem – where to put the money, because they clearly do not want to transfer it to the Russian Federation. At the same time, no bank in the world, with the exception of Russian ones, will not work with them if businessmen are on the sanctions list. It turns out that bitcoin remains the only way out, although for many of them it is really difficult,” Nigel Kusher said.
Western politicians are very wary of the use by Russians from the sanctions list of cryptocurrencies as a means of circumventing restrictions. The European Union is discussing measures to prevent such use of cryptocurrencies, and the head of the US Federal Reserve called on Congress to accelerate the development of regulation of digital assets.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
