Cryptocurrencies: Market Trends and Sanctions

Криптовалюты: тенденции рынка и санкции

Kirill Shilov

Russian Economic Development, 2023, issue 2, 43-50

Abstract: This study provides an analysis of the current state of the cryptocurrency market, as well as an assessment of how existing cryptocurrencies can serve as an alternative instrument for flow of capital under sanctions regime between Russian companies and their counterparts from other countries. The cryptocurrency market in 2022 differs significantly from the market in 2017, primarily due to the emergence of stablecoins and the development of blockchain platforms which became a technological basis for creation of different decentralized applications (DeFi, NFT, etc.). Nevertheless, the prospects of using various cryptocurrencies as a means of payment to circumvent sanctions seem doubtful and entirely depend on how much foreign counterparties are exposed to the risk of sanctions from the United States and the EU.

Keywords: cryptocurrency; Central Bank; bitcoin; regulations (search for similar items in EconPapers)
JEL-codes: G10 G15 G28 (search for similar items in EconPapers)
Date: 2023
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