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The use of cryptocurrencies is directly impacted by the war in Ukraine. Since the start of the Russian invasion, the various currencies have been particularly affected, the ruble has collapsed, but bitcoin has benefited.
In front of the war in ukrainethe volumes of cryptomonnaies thus exploded, as Nathalie Janson, research professor at Neoma Business school, recalls: “ As of Thursday, movements in Ukraine were noted, particularly very strong, since in order to be able to stabilize the Ukrainian currency, there were possibilities of capital control. And so without much surprise, indeed, there has been a lot of movement in bitcoin. Being a decentralized currency and escaping any government control, it is by definition a currency that is very geopolitical. »
As soon as there is a geopolitical risk, its demand increases. This exchange is done directly between two computers, explains the teacher-researcher: “ They are not exposed to disorganization and restrictions. So, when you look at the history of bitcoin, yes, it was used a lot in Argentina, in Venezuela. That is to say in all the countries where we have these restrictions and these capital controls. »
Bitcoin as a way to circumvent economic sanctions
Could bitcoin be used for Russia and to the oligarchs to circumvent economic sanctions ? Outside government control, cryptocurrencies might effectively represent a way to avoid sanctions, replacing the Swift system according to Nathalie Janson.
« Bitcoin replaces, to some extent, the Swift system. It is an alternative payment system. Swift itself does not allow payment, but it does issue payment orders. So the order is given and received, on one side. In fact, bitcoin simplifies this system, since in fact it just allows the two people who make a transaction to finalize it directly between them. »
When making bitcoin transactions, even if they are actually recorded in what are called open registers, the transactions take place between accounts which are identified by a series of letters and numbers. So we don’t know the name, exactly, of who is behind the accounts.
« It’s true that in Russia, anyway, it’s a way to get around the restrictions, to be able to use bitcoin, that’s for sure Says this research teacher at Neoma Business School.
►To listen: The craze around cryptocurrencies, a phenomenon that is here to stay
