US Urges Crypto Exchanges to Stop Russia’s Attempts to Circumvent Sanctions – Bloomberg

The administration of US President Joe Biden called on cryptocurrency exchanges to prevent the use of digital currencies to circumvent sanctions by Russian individuals and organizations, Bloomberg reports.

According to the interlocutors of the agency, this appeal came from the White House National Security Council and the US Department of the Treasury to the operators of the world’s largest centralized exchanges.

In a conversation with Bloomberg, a White House spokesman said that although cryptocurrencies are not as popular in Russia as the US dollar, the US authorities intend to fight the use of digital assets to circumvent sanctions.

Earlier, the US, EU, UK and Canada disconnected some Russian banks from SWIFT, and also limited the ability of the Bank of Russia to conduct operations to support the ruble. Because of this and other sanctions, the exchange rate of the national currency of the Russian Federation collapsed. On February 28, after the opening of trading, the Moscow Exchange set the exchange rate ceiling at 90 rubles for the dollar and above 101 rubles for the euro. Later the corridor was expanded.

The fact that Russia can use cryptocurrencies to circumvent sanctions has already been announced by representatives of the EU and Ukraine. European Central Bank President Christine Lagarde has called for increased regulation of digital assets in the euro area for this reason.

Earlier, The New York Times experts noted that Russia can use cryptocurrencies to circumvent the sanctions imposed on it.

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