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US Sanctions on Russia: Bitcoin Impact

Vladimir Putin, and the nation of Russia, have found themselves caught in a tightly contested game of Tug of War. One the one side you have Mr Trump seeking to pull them closer to his side, and on the other side you have the United States Congress pulling with all their might to take them away from Trumps’ side.

Whilst President Trump has preached for better relations with Moscow, American politicians have stood strong in their stance for extensive measures to be taken to punish Russia for its past misdemeanors, namely its meddling in the 2016 US elections, the annexation of Crimea from Ukraine, and Russian military involvement in Syria.

Whilst Trump typically enjoys strong and unbending support from his Republican base on next to all issues, a bipartisan group of politicians has criticized the President for the friendly relationship he shares with Mr Putin. Senior Senators, such as Democrat Bob Menendez has said that Congress has a duty to impose sanctions in the face of the President Trumps’ “accommodating and disturbing rhetoric to the Kremlin”.

The US has followed this by imposing further sanctions upon Russia, sanctions which have been labelled as “counterproductive and senseless” by Mr Putin.

Inadvertently these sanctions will lead to a positive impact on Bitcoin, and its fellow cryptocurrencies. Sergei Glazev, Putin’s economic advisor, has told officials that a state cryptocurrency would be a “useful tool” for Russia to workaround the sanctions imposed on them. Following this, Russia has embarked on creating a state currency, the Cryptoruble, directly following Putin’s orders. Glazev further added that by doing so, “we can settle accounts with out counterparties all over the world with no regard for sanctions.”

Russia has found itself in the company of Iran, another country suffering from severe sanctions from the US, and through this a common suffering has united them. Iran, in line with Russia’s thinking, have seen Cryptocurrency as potential solution and suggested in discussions with prominent Moscow representatives that through the use of Cryptocurrencies they could both circumvent US-dollar-based trading and their dependence on global interbank system operated by SWIFT.  

Following this meeting, the Chief of Iran’s Parliamentary Commission of Economic Affairs, Mohammad Reza Pourebrahimi said “They share our opinion. We said that if we manage to promote this work, then we will be the first countries that use cryptocurrency in the exchange of goods.”.

Similarly, Turkey, another victim to American policies with a 40% devaluation of the Lira, the national currency saw two of the largest cryptocurrency exchanges see the volume of Bitcoin grow rapidly. With Paribu reporting a surge of 107.93% increase in daily volume and BTCTurk an unbelievable spike of 130.92%.

 

It seems in this Tug of War the real winner are Cryptocurrencies, with this news likely to trigger the next upward move for Bitcoin and its fellow assets.

Two prominent nations have taken giant strides forward and it seems the next logical step is for individuals across the world to do the same. Check out Coin Calls and you can get started today.

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