Ironically, even opponents of a dollar-based global economy have been ambivalent — at best — about crypto. For the likes of Russia and Iran, global pariahs that are also big energy exporters, crypto’s threats undermine its potential. While in theory they might be able to use crypto to facilitate trade and bypass US monitoring, that’s outweighed by the prospect of capital flight, instability and price volatility. Moscow has veered between banning and encouraging digital assets, doubtless recognizing that they can help sanctioned elites on some level. But the ruble still carries muscle — as recent arm-wrestling with the European Union over gas payments demonstrated.