Putin’s sanctions response suggests he and his cronies believe that building a traditional, if non-western, financial network offers a better way to evade sanctions than crypto, MarkLurie writes. Opinion.
Putin’s sanctions response indicates that he and his cronies view traditional financial tools as more porous than crypto. The Russian president seems to believe that building a traditional, if non-western, financial network offers a better way to evade sanctions than crypto.The first reason is that transaction data in the traditional financial system is insurmountably vast and likely filled with errors. U.S.
“The core constraint of the traditional financial system is that transaction data is nearly impossible to audit," he added. In fact, in 2019,This brings us to the second reason, which is that the blockchain’s transaction data is free of errors and publicly accessible. All on-chain actions are tracked via a permanent, immutable and publicly viewable record.
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