Since Russia’s invasion of Ukraine began, some lawmakers have expressed worry that bitcoin could be used to evade Western sanctions. The CEOs of two of the most popular cryptocurrency exchanges have expressed their opinions on whether crypto may be used to dodge sanctions. Earlier this year, the president of the European Central Bank ordered regulators to draft crypto laws to prevent Russia from utilizing the technology to circumvent sanctions.
“Crypto is too small for Russia.”
The CEOs of two of the most popular cryptocurrency exchanges have expressed their opinions on whether crypto may be used to dodge sanctions. “Currently, the media and governments are investing a lot of effort and energy on crypto and sanctions,” Binance CEO Changpeng Zhao (CZ) told the Guardian. Crypto is, in fact, too little for Russia.” “Today, crypto accounts for probably less than 0.3 percent of worldwide net worth.” “This percentage applies to Russia as well,” Binance CEO stated.
The Binance CEO emphasized that cryptocurrencies are “not an effective instrument for criminal activity,” citing the fact that everyone can inspect every crypto transaction.
“Trying to sneak lots of money through crypto would be more traceable than using U.S. dollars.”
Brian Armstrong, the CEO of Coinbase, expressed a similar sentiment. “We don’t think there’s a high chance of Russian oligarchs utilizing crypto to dodge sanctions,” he tweeted on Friday. Trying to smuggle large sums of money using crypto would be more traceable than using US dollars cash, art, gold, or other assets because it is an open ledger.”
Meanwhile, the G7 countries, the European Union, and a number of other governments across the world are taking steps to prevent Russia from evading sanctions by using cryptocurrencies.
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