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The Reasons Why Cryptocurrency Can’t Save Oligarchs From Sanctions

Photo by Shubham Dhage on Unsplash

Few people would have predicted we would see a war in Europe right after a global pandemic, but it’s taught us some lessons about cryptocurrency. We thought it would allow us to stay at arm’s reach from governments.

It doesn’t look like it works if someone is extremely rich. Oligarchs are having more problems than the average crypto person right now. Let’s look at some of the biggest reasons why it’s easier for normal people to hide.

1. The Public Ledger Is Trackable

It’s tough to keep funds hidden if they’re moved around on a public ledger. There is only so much you can move before it becomes noticeable, which hurts the ultra-wealthy, especially when all eyes are already on them.

I know it feels like it’s untraceable, but it’s a misconception we still have. The reason why nobody cares about your money is that you’re only dealing with loose change, which isn’t enough to move the needle.

2. There Isn’t Enough Liquidity

It’s possible to turn cash into crypto when saving for Canadian Choice windows and doors built in Canada to last because it’s not much. Oligarchs trying to turn tens of billions of dollars into crypto will find it impossible.

There isn’t enough liquidity in crypto today, especially when looking at safe coins like Bitcoin. It’s only a tiny percentage of the global currency market, which isn’t going to change until something drastic happens in the future.

3. You Can’t Bypass US/Euro Laws

Countries with massive power and influence have decided to sanction people from certain countries, so it doesn’t matter what you think. Companies like cryptocurrency exchanges must comply with US and European laws.

It’s impossible to get around them no matter what you think about what’s going on. You’ll be the one in jail if you decide to break the law. It’s dangerous messing with the United States because they like to extradite everyone.

4. Exchanges Have Code Of Conduct

Some people involved in cryptocurrency don’t need to stare out of their Pickering windows and doors trying to decide what to do. If they have a code of conduct, they might choose not to help anyone they think is an oligarch.

Personal and professional morals could see them turn people in, which won’t happen when dealing with small sums of money. It’s why you’ll pass under the radar no matter what strangers in different countries think of you.

5. Pressure From Big Politicians

Senator Elizabeth Warren is one example of politicians putting pressure on the Treasury Department to ensure they’re not letting people use cryptocurrencies to avoid sanctions. It’s lots of pressure from someone who wants to be president.

If powerful government officials want to prevent oligarchs from breaking the rules, they’ll likely get what they want. Politicians won’t turn you into a target unless something crazy happens, so you’re completely safe.

It Will Probably Become Digital Gold

It’s probably a good thing that crypto can’t be used to ignore powerful governments and hide large amounts of money. If everything is above board, it’s more likely to become a form of digital gold.

Written by Marcus Richards

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