Reshab AgarwalHillary Clinton wants crypto exchanges to block Russian users. She has even prompted the Biden administration for the same. Clinton believes that regulators should take a rigid approach wherein Russia won’t be able to use crypto markets as a way to escape their sanctions. This includes both the government and private transactions in Russia. So, even the ordinary public will be affected if the U.S. decides to take this approach.
Hillary Clinton’s take on crypto exchnages
Clinton has never been a crypto person, so it is interesting to see that she is talking about the same in this regard. Being the U.S. Senator, she has been heavily criticizing the government for not pressing exchanges to ban Russian users. Exchanges are totally refusing to end their transactions with Russia. Clinton further added that “everybody should do as much as possible to isolate Russian economic activity right now.” She fears that Russia will be able to evade sanctions in its entirety by taking advantage of the crypto markets.
Image Source: CNBC
It’s not just her; even the vice president of Ukraine, Mykhailo Fedorov, tweeted out requesting the blocking of all Russian crypto addresses, including the ordinary users. According to him, this will be as crucial as anything else. However, all major exchanges have refused to do, and this includes Binance, Coinbase, Kraken. They will only go with sanctions if they need to do something.
The CEO of Kraken explained further, saying that they can block Russian users if it comes as a legal requirement from the government. He also advised users to take crypto off exchanges and keep them in self-custody.
My thoughts
While the request from the Ukrainian vice president and Hillary Clinton makes sense, if you think it through, it’s not fair. Blocking crypto addresses for even the ordinary users in Russia will show that the only victims of war are the people of two nations. I am pretty sure that not many citizens of Russia are in favor of the steps taken by Putin. So, there has to be a better way to deal with the situation.
What are your thoughts as Hillary Clinton wants crypto exchanges to block Russian users? And does a better solution comes to your mind? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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