For analysts, the measures announced by the US and the UK somewhat mitigated the uncertainty present in the cryptocurrency market, although they point out that these assets can serve both Ukraine and Russia due to their decentralized nature.
The United States government, led by President Joe Biden, has imposed economic sanctions on five of the largest Russian banks, which will freeze all the assets that these institutions have in the United States estimated at more than USD $1 trillion.
US to withhold capital belonging to Russian banks
With this measure, the US joins other countries that have taken similar measures. The case of the United Kingdom stands out especially, where its prime minister, Boris Johnson, also ruled today a similar measure with which it freezes the assets belonging to Russian banks housed in English territory.
In relation to the measure taken by the US, President Biden indicated in a press conference that the measure aims to prevent Russian companies and the government from continuing to raise funds on US territory, with which he also adopts the approach taken by the United Kingdom. with the measure announced hours before.
Regarding the scope of this measure, Biden indicated that for now it only applies to banks and associated companies, since it is a measure agreed between the highest representatives of the United States and the G7, which constitutes a higher level than the sanctions originally imposed on early this week.
According to a report published today by the media Financial Times, It seems that the expectation of the American president and the British prime minister is that this also includes the suspension of Russia from the Swift international payments network, something that has not yet been agreed. However, Biden maintains that the weight of these sanctions far outweighs the effect that excluding the Soviet nation from the aforementioned system could have, and it would also be on the table to limit the country’s ability to negotiate with other currencies, such as dollars, euros, pounds and/or yen.
Bitcoin and cryptocurrencies react positively
The announcements made by Biden and Jhonson on February 24 seem to have had a positive effect on the digital currency market, in which a large number of exponents partially recovered from the fall capitalized throughout the day.
Take for example the case of Bitcoin, digital currency that after registering lows close to USD $34,500, managed to rise and approach USD $39,000 a few hours ago, although at the time of publication it fell slightly and is trading at about USD $37,974 per unit.
Apparently the measures conveyed some confidence to investors in the midst of the current uncertainty, although it is still too early to estimate whether this represents a recovery for the markets.
Neither good nor bad, it’s just useful
As we have been reporting in previous publications, many analysts and enthusiasts have highlighted the usefulness of cryptocurrencies such as Bitcoin to support the Ukrainian government and troops in the midst of the conflict in the country, precisely because it works as a tool to transfer value. decentralized and without third party control.
However, just as it can be positive for Ukraine, these assets could also be beneficial for the Russian government, which could also use this mechanism to find financing in the face of cutbacks and restrictions imposed by various countries.
As a precedent for this type of use we have precisely the North Korean government, which many reports point out as being behind important hacks perpetrated against exchanges and platforms based in South Korea, precisely to find funds with which to finance their nuclear programs.
Angel Di Matteo version / DailyBitcoin
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