EU Says Russia Using Crypto to Circumvent Sanctions

Christine Lagarde, President of the European Central Bank, has called crypto an “accomplice” in helping Russia circumvent sanctions.

At the Bank of International Settlements’ Innovation Summit on Tuesday Lagarde warned that cryptocurrencies are a cause for concern and said that they “remain a threat”.

At the summit, the ECB chief said: “They are certainly being used as a way to try to circumvent the sanctions that have been decided by many countries around the world against Russia.”

It has been reported that millions of Russian rubles are being invested in bitcoin and stablecoins since Putin began his invasion of Ukraine.

Lagarde said: “A specific number of players, either individuals or corporates, are obviously trying to convert their rubles into crypto assets.”

She noted the increasing volumes of transactions going from the ruble to stablecoins and from stablecoins to other digital assets.

She added: “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.”

But the essence of cryptocurrency is fair, public, safe, and everyone has the right to use it

If Russia locks crypto assets by some exchange , no one will believe and exchanges and cryptocurrencies, it has deviated from its original nature

Read more: Exchanges Will Block Russian Crypto Account?