Japan Urges G7 to Prevent Russia’s Attempts to Circumvent Sanctions With Crypto

The Bank of Japan called on the G7 countries to immediately create and adopt a common regulatory framework for cryptocurrencies, which will prevent the possibility of circumventing international sanctions.

The head of the payment systems division of the Bank of Japan, Kazushige Kamiyama, told EuroNews that the use of stablecoins makes it very easy to create a customized global settlement system, which will make it easier for nation states to avoid more traditional and regulated payment systems that use the US dollar, euro or yen.

Kamiyama added that if the G7 countries want to effectively coordinate their actions on the regulation of cryptocurrencies and digital assets, a common regulatory framework should be created as soon as possible, especially given the speed of adoption and spread of cryptocurrencies around the world.

According to Kamiyama, the new regulatory framework will also affect the development of Japan’s central bank’s own digital currency (CBDC), the digital yen. However, the protection of private information will also need to be carefully balanced against money laundering, sanctions circumvention and other crimes.

Earlier, the Japanese government announced plans at the next parliamentary meeting to amend the currency legislation in order to prevent Russia from evading the sanctions imposed on it with the help of digital assets.

On February 24, Russia carried out a paramilitary invasion of Ukraine on several fronts, shelling Kharkiv, Kyiv, Sumy, Chernihiv, Vinnytsia and other cities of various calibres.

The Ukrainian army is holding back the invasion of the enemy. From the hottest spots, the civilian population is trying to evacuate to other cities or even countries.

The world community organized to help the refugees and the Ukrainian army and imposed strict sanctions against Russia.

The BTC-Alpha team together with trusted volunteer communities created a charity fund ‘‘Alpha for Ukraine’. You can make a donation to help everyone in Ukraine who needs medicines, humanitarian aid and to support the defence of the country.

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