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Cryptocurrencies: Market Trends and Sanctions
[Криптовалюты: Тенденции Рынка И Санкции]

Author

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  • Kirill D. Shilov

    (Russian Presidential Academy of National Economy and Public Administration)

Abstract

This study provides an analysis of the current state of the cryptocurrency market, as well as an assessment of how existing cryptocurrencies can serve as an alternative instrument for flow of capital under sanctions regime between Russian companies and their counterparts from other countries. The cryptocurrency market in 2022 differs significantly from the market in 2017, primarily due to the emergence of stablecoins and the development of blockchain platforms which became a technological basis for creation of different decentralized applications (DeFi, NFT, etc.). Nevertheless, the prospects of using various cryptocurrencies as a means of payment to circumvent sanctions seem doubtful and entirely depend on how much foreign counterparties are exposed to the risk of sanctions from the United States and the EU.

Suggested Citation

  • Kirill D. Shilov, 2023. "Cryptocurrencies: Market Trends and Sanctions [Криптовалюты: Тенденции Рынка И Санкции]," Russian Economic Development, Gaidar Institute for Economic Policy, issue 2, pages 43-50, February.
    • Handle: RePEc:gai:recdev:r2314
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    More about this item

    Keywords

    cryptocurrency; Central Bank; bitcoin; regulations;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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