Can Belarus Use Cryptocurrency To Avoid Sanctions? Experts are skeptical

Questions arose as mass protests in Belarus continued after a controversial election in which President Alexander Lukashenko extended his term in office How Belarus could deal with potential US and European Union sanctions, and how cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) could help avoid them.

An article on Russian television broadcaster RBC suggested this Using cryptocurrencies may not be an effective option for the Belarusian government to overcome the financial sanctions that the EU and Washington could impose on Minsk. According to The Guardian, the EU is pushing ahead with sanctions against Belarus.

Valery Petrov, Vice President for Market Development and Regulation of the Russian Federation of Cryptocurrency and Blockchain Industries, said in the article that Using crypto is “a realistic option” to avoid penalties. However, he makes it clear that this is only possible “if it does not contradict external and internal legislation”..

Can Belarus Use Cryptocurrency To Avoid Sanctions? Experts are skeptical
Can Belarus Use Cryptocurrency To Avoid Sanctions? Experts are skeptical

Belarus has shown a sympathetic attitude towards cryptoas recent developments in the sector across the country show that the industry is an important economic opportunity.

In May, The Belarusian authorities said they consider digital technology a priority and they are preparing a resolution on the digital economy for the OSCE meeting in Berlin.

Belarus also drew up a bill in July hoping to address high-end areas of information technology, including blockchain and cryptocurrency Attract international investment in technology that was previously banned or deemed too risky.

Petrov was referring to the Venezuela and Iran case when he said this The use of crypto to cope with economic crises or to circumvent sanctions shows that cryptocurrencies are only a “palliative solution”“.

Even other experts like Nikita Zuboreb, a Russian analyst at the Bestchange crypto exchange, believe that this could only be one “Palliative” solution for an economy that could be severely affected by sanctions.

However, he remembered it The information technology infrastructure is “much more developed and prepared” than that of other countries and Lukashenko may still consider it an option.

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