Russia's Largest Bank Launches Cryptocurrency, Though It's Almost Useless for Transferring Value Abroad
Home outlines the absolute lack of rationality in this process Action, cryptocurrencies are once again being criticized, this time as a tool for Russia to evade sanctions, despite much fanfare from U.S. and European financial leaders.
Russia has been subject to a wide range of sanctions in recent weeks, including being cut off from SWIFT's global payments system and banned from using most of its cash reserves.
Russia's largest bank, Sberbank, has had its own problems, with its share price plummeting and its inability to trade in Europe. However, according to an article by Business Insider, the Russian Central Bank has given the bank permission to develop its own cryptocurrency.
The cryptocurrency, called sbercoin, has been enthusiastically embraced and accused by some as a means of circumventing restrictions imposed on Russia's traditional financial system.