Ask Leo: Should crypto respect sanctions?
Virtually every crypto bro in the world is a law-abiding outlaw. We're constantly living at the periphery of the law enforcement because while we're not doing anything wrong, we'll never be accepted.
Lately, different governments have been talking about crypto in different ways. On one hand, we have countries like Ukraine and El Salvador that are very accepting of crypto and on the other hand, we have the USA which isn't exactly crypto-friendly.
Don't get me wrong, people in the USA love crypto but the government, not so much. I heard Biden's new policies might be bullish for crypto but I find it hard to trust the words of politicians that are notorious for talking from both sides of the mouth.
Recently, the FBI director has been hammering away at Russia's interaction with crypto. In his remark during a senate meeting, he described Russia's ability to circumvent sanctions using crypto to be overemphasized.
The FBI director, Christopher Wray, cited information about a large number of tokens that were seized by the government as an example of how circumventing sanctions with crypto is vulnerable.
The FBI director alluded to the fact that using fiat would be easier to circumvent sanctions than it would be with crypto.
I consider the FBI director's view to be a fascinating and double-edged remark towards crypto. On one side, he's basically saying, "crypto ain't shit, we can track it". On the other hand, he's also saying fiat is the problem with sanctions.
According to Christopher Wray in a hearing of the Senate Select Committee on Intelligence,
“The Russians' ability to circumvent the sanctions with cryptocurrency is probably highly overestimated on the part of maybe them and others,” said Wray. “We are, as a community and with our partners overseas, far more effective on that than I think that sometimes they appreciate and there's a lot of expertise in terms of tools and strategies to help block that kind of effort. Ultimately, what they really need to do is get access to some form of fiat currency, which becomes more challenging."sauce
How weird is it that for once, crypto isn't exactly the bad guy in something related to politics? However, the question is, is it really true? Do you think the FBI have crypto on lockdown?
I've said on multiple occasions how crypto and crypto companies should not get involved in politics. Yet, somehow, crypto that is meant to be neutral is taking sides.
Don't get me wrong, the situation between Ukraine and Russia is dire, so all hands should be on deck. However, we're setting precedence and stoking the flames that we should be killing.
Recently, I read that coinbase prevents Russias from using the exchange. I also heard that infura prevents Russian Ip addresses from using metamask on Ethereum.
Crypto-related sanctions should not exist in the first place. A big part of crypto's utility is to get away from government meddling and protect the common man from the idiocy of the government.
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The whole point of crypto is to be neutral, without taking any sides no matter the problem. So to answer your question: No, crypto should not be implementing any sanctions.
Has this question been asked in regard to any other worldwide conflict, say should there be sanctions for Israel for their continuous bombing of Palestine? Or for USA people with their bombings of Syria, Somalia..
Yeah, didnt think so...
You make a fine point. Crypto should not be involved with politics.
To me it makes no complete meaning to file sanctions or a decentralized network like crypto. Once that begins to happen then crypto is no longer serving it's purpose any longer.
You're spot on
Yeah. Although I am not vast in this crypto thing. I just feel its normal crypto tautology.
Simply. When it comes to war, then yes!
But hard with decentralizion.
Imagine a world where wars or governments are funded through DeFi protocols and taxes are lower ^^ :D
It's a sad situation tbh.
Which sanctions? Russia's or the West? Crypto doesn't belong to any one nation or set of values, and no one has the right to stop others from transacting.
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Whether it's Russia or anybody really. Crypto companies have been preventing ordinary Russians from accessing crypto.
The decentralized nature of f crypto still makes it seem gullible by the politicians. When crypto starts dabbling into their hands, it will loose it's main ingredient of trust. If fiat has failed in their control, so will this in their coffers.
The law and Crypto on the other hand is something that hasn't fully been deleanated as many still confuse them implications of both.
Sad case for Nigeria law enforcement roguing every one the spot doing what they don't understand.
If crypto has to respect sanctions by petty politicians, then that's the crypto you don't want to use. Use Bitcoin or ETH or HIVE or whatever. Just don't use crypto that is controlled by a single entity. Say "Fuck You" to these sanctions with Bitcoin.
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Crypto was designed to be a giant middle finger to the system
Bro Tweet this!
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If you are not doing it @belemo then I will 😂
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Canva bro :') The best graphics design tool ever!
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Crypto never cared about politics and I see no reason why it should start doing so whatever the situation may be. While politicians seemingly have valid reasons to cripple the Russian economy the truth is that we don't have enough information on that situation and thus we shouldn't also have an opinion on it. When I say "we" I mean crypto in general btw.
Satoshi created Bitcoin so we could exit the legacy system and build our own future without the need to bend the knee to anyone, be that the Russian, the Chinese, or US government.
We should let them fight their own wars and they should let us deal with our own problems.
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I agree, someone needs to tell Coinbase and Infura.
Coinbase is a private company and Infura is kinda owned by JP Morgan. They will always comply with the orders given by their corporate overlords.
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Yup, which brings us back to your point about letting crypto get involved with politics. They need to pick a side, which in this case, is to not pick a side.
However, it is as you said, corporate overlords and all that dictates their action.
I do believe crypto should remain politically neutral. Regarding the question in the title, it is understandable if a private company like exchange applies sanctions if they are forced by their government, they have no choice. People can always interact directly with the blockchain or use a dex.
yeah true but it is just weird that a crypto company will be getting in bed with the government.
If they are registered under that government's jurisdiction they have no choice except to move the company to another country.
Sanctions are put in place by governments. Crypto is outside governments, central banks, and regulators. Thus it does not care about who is utilizing it or for what purpose.
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This is how it should be but lately, it seems like some crypto companies haven't exactly been neutral, particularly with regards to this situation.
The point of crypto is to free individual from established institutions, which include state. If crypto is subordinated to the state, even for the noblest and most righteous cause imaginable, it stops being crypto.
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