The head of the European Central Bank believes cryptocurrencies are being used to circumvent sanctions on Russia.
Since Russia’s invasion of Ukraine began and following the sanctions imposed on the huge country by a host of Western powers, much has been said about the possible evasion of those sanctions through cryptocurrencies.
This theory is now confirmed by none other than the president of the European Central Bank, Christine Lagarde.
At the Innovation Summit of the Bank for International Settlements, BIS, which took place on Tuesday, Lagarde warned that cryptocurrencies are being used to evade Russian sanctions.
He noted that Russian companies and individuals are “certainly” using cryptocurrencies to circumvent international sanctions.
Expressing concern over the continued use of cryptocurrencies, Lagarde said verbatim:
No doubt they are being used as a way of trying to circumvent the sanctions that many countries in the world have decided against Russia.
“A specific number of players, whether individuals or companies, are obviously trying to convert their rubles into cryptoassets.” he added, noting that there are an increasing volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of transactions from rouble to stable currencies and from stable currencies to other digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets .
Don’t be “accomplices” of Russia
The ECB president proceeded to warn crypto companies not to become accomplices to the crime, stating that in Europe:
We have taken steps to clearly point out to all those who exchange, transact and offer services in relation to crypto assets that they are being complicit in circumventing sanctions.
While Lagarde is sure that cryptocurrencies are used to evade Russian sanctions and that, in this regard, the European Union clarified that the sanctions include crypto, Many experts have said that cryptocurrencies are not an effective tool for this purpose. including the chief executives of blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. analytics firm Chainalysis and cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Coinbase.
Asimismo, un alto funcionario del Departamento del Tesoro de EE. UU. dijo la semana pasada que la criptomoneda no podría usarse a gran escala para evadir sanciones. Por su parte, recuerda Bitcoin.com FBI Director Christopher Wray similarly said that Russia’s ability to circumvent sanctions with cryptocurrencies is “highly overestimated”. Carol House, director of cybersecurity at the National Security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. Council, also said that cryptocurrencies are an ineffective tool for circumventing sanctions.
However, Lagarde is not the only one who is concerned about the use of cryptocurrencies to circumvent sanctions. In the US, Senator Elizabeth Warren is deeply concerned; introduced a crypto sanctions enforcement bill last week that one industry expert described as “unnecessary, overbroad and unconstitutional.” It’s worth noting that Warren has long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. has called for market an area or arena, online or offline, in which commercial dealings are conducted. regulation .
Version of DiarioBitcoin
Imagen de Unsplash