Image Source: CNBC

Coinbase CEO calls crypto a lifeline for Russians as Ruble crashes

Coinbase CEO, Brian Armstrong, calls crypto a lifeline for Russians as the value of Ruble collapses. In a matter of 15 days, the Ruble’s value compared to the dollar has fallen by around 40%. In other words, for Russians, whatever wealth they had stored in their country’s fiat had lost 40% of its purchasing power in just 2 weeks. And this is the reason for the statement of Brian claiming that Russians are using crypto as a lifeline.

Russian citizens need crypto right now

Coinbase was recently asked to ban Russians from their exchange by the U.S. Senator and also the Vice prime minister of Ukraine. The company refused to do so and replied they would ban Russians only if it is required by law. So, Coinbase’s CEO also came forward, sharing his views on the policy of the exchange in a few tweets on Friday. First and foremost, they are not just going to ban all ordinary Russian citizens from their platform. He added that unless the law bars them, basic financial service is everybody’s right.

Coinbase CEO calls crypto a lifeline for Russians
Image Source: Blockchain News

Now comes the important part. Coinbase CEO said that Russians are using crypto as a lifeline at this point. It’s no surprise that they are even willing to pay up to $20,000 premium to acquire BTC. So, it doesn’t make sense to take this away from them because Russians are also against what the government is doing. But now comes the question that whether crypto will help Russia to avoid sanctions.

Coinbase’s statement

Many authorities are worrying that Russians will use crypto to avoid sanctions. To clear this out from at least their side, Coinbase’s CEO said that if the U.S. imposes a ban, they will follow it. If needed, they can also block specific individuals as they verify people while signing up for their services.

In fact, this might not even be needed because using crypto to evade sanctions would mean putting in a lot of money in the markets. And due to an open ledger system, it would be easier to track than putting money in Gold, dollar, or Art. So, it seems that Russian citizens will be able to use crypto personally after all.

What are your thoughts as Coinbase CEO calls crypto a lifeline for Russians? And do you think that the U.S. will impose a complete ban for all citizens? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: U.K. bans Floki Inu Ad for inciting investor FOMO.