Could the refusal to ban Russia from crypto services by some big cryptocurrency exchange giants turn the war against crypto?
With Russia facing so many sanctions and freezing of its financial capabilities, there have been speculations that Russian oligarchs may pour their money into cryptocurrencies to escape the effects of sanctions and other restrictions during this war period. Pressure has been on the Crypto-exchange companies to ban Russia from accessing its services but this pressure has fallen to deaf ears as some of the biggest crypto-exchange companies do not buy such an idea.
Crypto-exchange giant Binance has said it will not unilaterally freeze accounts of Russians as this will affect negatively innocent users, adding that crypto is meant to provide financial freedom for people all over the globe and any unilateral ban will stand against the mission of crypto. Aside from Binance, Kraken exchange also declined the request to ban Russia from its services.
Is their decision wrong?
In my opinion, I believe the call for Russia's ban to the crypto market it’s a call against crypto itself.
The crypto market is one which is based on a decentralized system meant to serve anyone and everyone un-politicized.
Accepting to unilaterally impose a ban could as a matter of fact be the beginning of the end of crypto. However, I see no fight affecting the crypto market.
The idea of war is something every reasonable person should kick against but while doing that we should also not damage the future. Though the crypto market might be a hiding place for the Russia government, but just as Binance and their cantapart has said, an ordinary Russian should have access to the crypto services.
The Russian citizens in question did not choose this path of war, so they should be spared the consequences of it. Their government and it's official however, can be denied access to this services by the crypto market. Note everything I wrote here is just my opinion of the matter, you can add more information to for better understanding.
Thanks for visiting my page
Images from Pixabay