On the response of the global crypto companies to the sanctions against Russian crypto investors
A couple of years ago cryptocurrencies were the lot of enthusiasts. Having an electronic wallet with a few thousand bitcoins was not perceived as a sign of wealth or even prosperity, and the tokens were worth almost nothing. But the situation began to change when crypto billionaires, having earned their fortune exclusively on cryptocurrency, began to appear one after another. Digital currency, invented in 2008, has changed the world's understanding of money. Out of the control of banks or corporations, its price was completely dependent on supply and demand, and the potential profit, small commissions charged for its use, and low transaction fees started to attract people from all over the world. Cryptocurrencies have been criticized by the authorities and the official financial systems of the Russian Federation for a long time. However, after the withdrawal of Visa and Mastercard from the Russian market, the disconnection of some banks from SWIFT, and the problems associated with international transfers due to the refusal of a number of large Western correspondent banks to work with Russian counterparties, the Russian authorities, apparently, began to change their approach, somewhat softening the attitude towards the development of the crypto industry in Russia. At the same time, the US and EU realized that Russia could use cryptocurrencies as an alternative to the traditional banking system and avoid sanctions against Russian citizens, which led them to call on international crypto companies to stop interacting with the Russians. The article examines the reaction of various countries, especially the countries of East and Southeast Asia, and their crypto companies to the introduction of the US and EU ban on working with Russian crypto investors