Russia's Largest Bank Launches Cryptocurrency, Though It's Almost Useless for Transferring Value Abroad

By    11 Apr,2022

Asheesh Birla, managing director of RippleNet, a blockchain-based payment services company, was reported in the article as reflecting the views of other financial experts when he said.


"It's really hard for them to get traction here because they also need a liquid exchange that can accept the Russian currency,"

On the feasibility of using sbercoin to transfer funds, he adds.


"It's similar to taking your own bank account and recording it in a ledger. It's not really valuable unless you can start exchanging it for other things. So far, the data I've seen suggests it's not very liquid."


According to Chainalysis, the ruble has actually traded down against cryptocurrencies since Russia's invasion of Ukraine began, initially rising by 900 percent in just five days. According to Chainalysis, cryptocurrency adoption rates in Russia were typically high prior to the invasion.


With a total market size of just $2.2 trillion, one has to wonder how U.S. Senator Elizabeth Warren and European Bank President Christine Lagarde can continue to push this cryptocurrency sanctions circumvention story in the face of such glaring contrasting evidence.



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