Russia is not as smart as expected because Federal Bureau of Investigation (FBI) director Christopher Wray believes the country has no other way to escape economic sanctions waima using cryptocurrencies or digital assets.
Undoubtedly Russia still owns a large amount of crypto assets since Russia’s war against Ukraine a few weeks ago.
But that doesn't mean the country should be proud of itself, assuming they are able to overcome economic sanctions imposed by the European Union (EU) through SWIFT, followed by Mastercard, Visa, and PayPal.
Clearly Wray, as a community that has already worked with foreign partners, of course the efforts of Western countries against Russia are much more effective because the presence of expertise in strategizing and the use of equipment can further sustain the sanctions.
"Like it or not, the thing Russia needs to do is find a solution to access fiat currency which is a more challenging endeavor."
For the record, in the wake of the outbreak of Russia’s war against Ukraine, many agencies including the U.S. Financial Crime Enforcement Network and the European Commission sought to find any possibility of Russia using digital assets to circumvent economic sanctions.
Not only that, recently US President Joe Biden has already approved a cryptocurrency executive order one of which is the oversight of cryptocurrencies so that there is no risk of exceeding restrictions.
