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The European Commission is looking into reports that Russia is turning to cryptocurrencies to get around Western sanctions on its banks, a European official told Reuters.
The volume of trading between the Russian ruble and the cryptocurrency Teher rose on Monday as the Russian currency plunged to a new all-time low.
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The cryptocurrency exchange Binance has however blocked the accounts of any Russian customers who have been sanctioned.
The official who spoke to Reuters acknowledged that crypto is a "possible way around" sanctions imposed after the Russian invasion of Ukraine.
"The increase in value of some cryptocurrencies may be due to attempts to circumvent sanctions. We are looking into it but no decisions have been made yet," he said."
Earlier this month, the Russian government estimated that its citizens held $214 billion worth of cryptocurrencies, about 12% of the global total.
[/P][BR][BR]Part of that amount corresponds to Russian oligarchs, whose assets are estimated at $343 billion.
To enforce sanctions, the US and EU rely on banks, which are required to identify and block any prohibited transactions.
However, the cryptocurrency market operates outside the banking system and transactions are in some cases anonymous.
According to the Wall Street Journal, Washington is now considering additional measures, with restrictions on Russian access to cryptocurrencies.
According to the Wall Street Journal, Washington is now considering taking additional measures by imposing restrictions on Russian access to cryptocurrencies.
However, interfering with these types of transactions is an extremely difficult task, the US newspaper notes, as they are by nature private transactions, without borders, outside the banking system and regulatory framework.
Source: in.gr
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