The recent sanctions are causing people to reevaluate the purpose of cryptography.
Pressure is being placed on the top participants in the crypto industry by the West.
A devastating epidemic has struck the globe. War rages over Europe; Russia is entangled economically. Inflation in the United States has reached 40-year highs, and it is only going to get worse from here. Volatility in the currency and equities markets has not been witnessed in years. As a result, the conventional order of global geopolitics is in disarray.
CBDCs are not considered crypto since a central body controls them, despite their similarity to cryptocurrency. In addition, the White House will look at ways to reduce consumer exposure to crypto-related dangers and promote the industry’s economic and technical innovation and competitiveness.
Hard to Overlook
The Ukraine-Russia conflict is causing people to reevaluate the purpose of cryptography. In the crypto community, this is a concern since it implies that the person or project is adhering to sanctions against Russia if they support the West’s position. However, trying to reconcile these statements with the stated decentralization of crypto and blockchain technology may be a challenge.
OpenSea, the NFT marketplace, is commonly referred to be a decentralized initiative even if it isn’t. When OpenSea recently barred Iranian customers from accessing its NFT trading platform, claiming that it was just following United States sanctions legislation, several NFT collectors were outraged. As a result, pressure is being placed on the top participants in the crypto industry by the West.
It’s still seen as a betrayal by the crypto community since blockchain-based initiatives are intended to be censorship-free. For example, a digital artist who has nothing to do with his government’s actions was refused a platform to market his work because of this.