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Why the traditional backing system :marseymerchant: is a better avenue for sanctions evasion for Russia than Crypto :marseyxmr:

https://www.coindesk.com/layer2/2022/09/19/why-russia-isnt-relying-on-crypto-to-evade-sanctions

Generated by TLDR This:

Days after Russia launched a full-scale invasion of Ukraine in February, Western states, led by the U.S. and European Union, levied vast sanctions on the Russian economy, hoping to drive Moscow into an economic crisis that would prompt a military retreat.

One possible scenario is that Russian miners leverage the country’s plentiful energy reserves to mine bitcoin (BTC), then use unhosted wallets to move those bitcoins through a series of shady crypto transactions – likely involving chain-hopping, tumblers and peer-to-peer (P2P) marketplaces – to convert them into U.S. dollars to pay for goods.

Moscow has heavily promoted SPFS to key trade partners that are also Western allies, such as India, Israel and the United Arab Emirates.

In fact, in 2019, after a FinCEN staffer leaked 2,100 SARs, 400 journ*lists needed 16 months to examine them.

This brings us to the second reason, which is that the blockchain’s transaction data is free of errors and publicly accessible.

That his attempts to circumvent western sanctions have yet to incorporate crypto speaks volumes about its usefulness as a money laundering tool.

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