Bitcoin's 'tug-of-war' during Russia-Ukraine crisis stirs debate about the future

Reuters recently reported that Russian crypto owners were trying to liquidate billions in in the United Arab Emirates (UAE), which has not levied sanctions against Russia. Yet U.S. officials, and some crypto experts, have cast doubt on the idea.

Traditionally, the Russian elite have used places with lower sanctions compliance like Dubai as a safe haven for their financial assets, according to Jason Bartlett, a cybersecurity researcher with the Center for a New American Security (CNAS).

“Crypto is no different. It will likely require heavy international political and economic pressure on Gulf States to push regional authorities to crack down on Russian oligarchs purchasing properties and hiding their wealth within their jurisdictions,” Bartlett added.

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