ECB president concerned over the use of crypto in evading sanctions by Russia.

March 23, 2022

ECB President expressed concerns over high volumes of rubles being converted into crypto since Russia’s invasion of Ukraine.

Cryptocurrencies are being used to circumvent sanctions that have been enforced on Russia by different countries, ECB President said.

Economic sanctions on Russia have driven the nation’s currency ruble to the ground.

Many Russians have turned to cryptocurrencies like bitcoin and Tether to protect themselves from the economic turmoil.

Earlier, Ukraine’s deputy prime minister had called on crypto exchanges to ban all Russian users.

Several crypto exchanges, including Binance and Coinbase, protested against the blanket ban on Russian users.

Coinbase CEO Brian Armstrong had tweeted earlier that it would be impossible for Russian oligarchs to use crypto to evade sanctions.