What Is the Role of Crypto Amid Russia Sanctions? Coinbase Has a Proposal


During the ongoing Russian invasion, cryptocurrency’s decentralized nature has been made front and center. 

So what are cryptocurrency companies like Coinbase  (COIN)  to do? Coinbase proposed the use of cryptocurrencies to ensure compliance with economic sanctions in a blog post penned by chief legal officer Paul Grewal.

Grewal argued that digital assets are actually more trackable and less prone to manipulation than traditional fiat currency.

“An entire money laundering industry has emerged to hide assets in ordinary fiat currency using these techniques. By transacting through shell companies, incorporating in known tax havens, and leveraging opaque ownership structures, bad actors continue to use fiat currency to obscure the movement of funds. In this way, they leave complex financial trails that are difficult to trace, requiring investigators to separately request information from many different financial institutions, and follow a trail across multiple countries (some of which refuse to cooperate or take years to produce records),” Grewal wrote. 



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