'They are certainly being used as a way to try to circumvent the sanctions,' said Lagarde about crypto. cryptocurrency bitcoin $BTC
The European Central Bank warns cryptocurrencies are being used to evade sanctions by Russians. ECB President Christine Lagarde warns crypto firms against becoming “accomplices” in the crime.Christine Lagarde, president of the European Central Bank , said Tuesday at the Bank for International Settlements Innovation Summit that cryptocurrencies are “certainly” being used by Russian firms and individuals to bypass sanctions.
“A specific number of players, either individuals or corporates, are obviously trying to convert their rubles into crypto assets,” she added, noting that there are rising volumes of transactions going from the ruble to stablecoins and from stablecoins to other digital assets. The ECB president proceeded to warn crypto firms against becoming accomplices in the crime, stating that in Europe:
We have taken steps to clearly signal to all those who are exchanging, transacting, offering services in relation to crypto assets that they are being accomplices to circumvent sanctions. While Lagarde is certain about cryptocurrency being used to evade Russian sanctions, many experts have said that crypto is not an effective tool for this purpose, including the CEOs of blockchain analytics firm Chainalysis and crypto exchange
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