Crypto prices have been plummeting since the start of this year and recovery has been slow. Not only that, the blanket ban on crypto by China and Russia has not helped.
To add salt to the wound, the Russia-Ukraine conflict has created a conflict amongst the crypto community too. The United States and a lot of its allies are willing to put a lot of sanctions on Russia. The US has said that they will be the most impactful economic sanctions that have been placed in the history of the world. But they also clarified that there is no trade embargo with Russia in effect as of now.
Many of the Russian Banks and Oligarchs are now blocked and their assets have been frozen in the USA. THere will be penalties for people who still wish to engage with these entities.
Russia can no longer access the “Society for Worldwide Interbank Financial Telecommunication” which was used by many international financial bodies. A ban from this means that Russia cannot communicate quickly with other countries’ financial institutes.
With the world overwhelmingly with the US on the issue, this could be the most heated activity between the two superpowers since the Cold War. Even crypto is not free from the effect of this conflict and has seen a decrease in profits since the start of 2022. Not only are people selling off crypto because of the uncertain future, but it is also driving the prices of all the stablecoins down too.
Russia’s crypto community is not happy with the developments and looking to talk with authorities to soften the blow.