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Crypto VS Sanctions. Ep II: possible, but only for a while

25 July 2018 12:46, UTC
Oleg Koldaev, Catherine Lange

"Crypto currency in some cases can become an asset that will help circumvent the sanctions," said Timur Aitov, deputy chairman of the Subcommittee of the Chamber of Commerce and Industry of Russia for Payment Instruments and Information Security.

Recall, yesterday Bitnewstoday.com published material on the possibility of circumvention of international sanctions by the "rogue" countries. Here the situation is ambiguous, according to the expert.

"When it comes to circumvention of sanctions, then a demonstrative example is the state, disconnected from the SWIFT system," - comments Timur Aitov. - "In 2017 this type of sanctions fell on North Korea, and earlier in 2012 in Iran. North Korea immediately switched over to settlements in the crypto-currency" (it is impossible to get a comment on this news from the representatives of North Korea, because the country disconnected itself from the "World Wide Web" - Ed.), "Iran focused on payments in national currencies, barter, mutual settlements in gold. In fact, they became uncontrollable. And here the same cryptocurrency helped to circumvent these prohibitions."

However, it is unlikely that a crypto can become a panacea for developing countries from the manipulation of developed economies. The market of digital equivalents is still very small. Its total capitalization barely exceeded $ 300 billion. For example, the dotcom market at the beginning of zero was estimated at $ 6.7 trillion. In the world there is not so much crypto-denied money to affect the sanctions policy seriously.

But the reaction to the situation is nevertheless nervous:

"If we talk about the prospects of the crypto currency, the Americans are seriously concerned about the possible loss of control over its circulation and prepare preventive measures. So the officials of the SEC (US Securities and Exchange Commission) said that they intend to strictly control the perimeter of the transition of the crypto currency market to the phyto. In fact, what happens in the crypto world, they are not interested. But they intend to regulate operations for transferring the crypto currency to the state currency and back. Moreover, under the monitoring of the SEC there will be the rights of investors through the ICO, who placed some funds in the crypto currency, and will be monitored on a par with the owners of securities," said the expert.

From the above, we can state the following thing: the digital economy is throwing a new challenge. This time is for national interests of one of the superpowers. And this is an additional confirmation that the crypto volunteer can be over very soon.