Will crypto rouble help avoid sanctions?
Sanctions against Russia have been around for a long time. Since 2014 tension between the US and Russia rose. The majority of the sanctions restrict partnership of Russian and foreign companies, bank account freezing and so on. Moreover, in October 2017 the US State Department published a list of Russian companies, collaboration with which may lead counteragents to further sanctions. New restrictions are expected to be introduced in February. President’s counsellor Sergey Glaziev suggested to bypass the sanctions with the help of cryptocurrencies. It is certain that considering the conditions Russia is currently in, the country needs the technology. The counsellor also approved the idea of creation of crypto rouble. Experts don’t find chances of the idea’s success big. The law implies 20 years sentence or/and up to $1 million penalty for those who ignore sanctions and cryptocurrency is not the way to avoid it. Meanwhile the USA government is already considering complication of the law not to let developing countries create their own cryptocurrencies.