The Russians would not be using cryptocurrencies to avoid sanctions

Since the beginning of the Russian invasion of Ukraine, the idea of increasing sanctions against the nation and that those in power could avoid them through the use of cryptocurrency has risen to the center of public debate. Speaking with Bloomberg Technology, Chainalysis co-founder and Chief Strategy Officer Jonathan Levin discussed new tools to help cryptocurrency companies and financial institutions ensure they comply with sanctions. In order to track down those potentially seeking to evade sanctions, the Chief Strategy Officer described the measures they put in place to monitor such cases: “We are examining all entry and exit points from the Russian economy regarding cryptocurrencies and monitoring some sort of liquidity changes in the volumes of different transaction models, to really understand if there has been a systemic change in the way people use cryptocurrency in Russia and potentially evade sanctions ".

He added: "So far we are not seeing a systemic level of cryptocurrency used to evade sanctions." Meanwhile, with the ongoing geopolitical crisis, the situation has been described as an inflection point for the cryptocurrency. The reason for this is that cryptocurrencies can be used for humanitarian causes. At the same time, this demonstrated how regulators can move quickly together in an effort to work cohesively in one direction.

COMMENT: Before the war the Bank of Russia tried to limit cryptocurrencies and studied the digital ruble. Then the war found in cryptocurrencies a powerful weapon like sanctions and bombs. I don't think we will give our digital currency to those who violate human rights. it is not true that Pecunia Non Olet or that Business Is Business.