World Desk, AnyTV, Washington
Published by: Harendra Chaudhary
Updated Tue, 08 Mar 2022 03:48 PM IST
Summary
Crypto payment company Triple-A estimates that this number can be up to 13 million. That is, 12 percent of the total population of Russia is associated with crypto business. Russian news agency Tass reported last December that Russian citizens had invested five trillion rubles (about $45 billion at current prices) in the…
Coinbase, the platform that operates cryptocurrencies, has submitted to the US government a list of Russian accounts that it has blocked. Coinbase has reported that it has blocked thousands of Russian accounts. The website has promised its full cooperation in making the sanctions imposed on Russia successful after the attack on Ukraine. In a statement issued on Monday night, Coinbase said – “Today Coinbase blocked more than 25,000 accounts related to Russia. These accounts are believed to have been involved in illegal activities, many of which we have identified through our investigations.
Russian people’s crypto transactions banned
Earlier it was reported that the US, Europe, and Japan are trying to take measures to prevent Russia’s attempt to circumvent Western sanctions through cryptocurrencies. Last week, the Japanese government started talks with crypto industry officials about this. In it it was said that crypto transactions of Russian people should be banned. Earlier, in a meeting of the finance ministers of the European Union, it was agreed to ban the use of crypto assets so that the restrictions could not be circumvented.
According to Naoyuki Iwashita, former head of the Bank of Japan’s Financial Technology Center, this is not the first time that such concerns have arisen with cryptocurrencies. He told the website NikkeaAsia.com – in 2013, during the financial crisis of Cyprus, the government there implemented capital control rules. Then there was speculation that many people would use bitcoin to break this rule. Iwashita said – ‘This was the first major time that cryptocurrencies were used for money laundering. Now the western countries suspect that Russia is following this path.
12 percent of the population in crypto business
Sam Bankman Freud, CEO of cryptocurrency exchange FTX, said on Monday that his company is very careful not to use cryptocurrencies to circumvent sanctions. He said in an interview to the TV channel CNBC- ‘So far we have not seen any such organized effort from the Russian side to avoid sanctions. But I would not be surprised if such an attempt was made.
There is no official figure on how many Russians have invested in cryptocurrencies. But crypto payment company Triple-A estimates that this number can be up to 13 million. That is, 12 percent of the total population of Russia is associated with crypto business. Russian news agency Tass reported last December that Russian citizens had invested five trillion rubles (about $45 billion at current prices).
Expansion
Coinbase, the platform that operates cryptocurrencies, has submitted to the US government a list of Russian accounts that it has blocked. Coinbase has reported that it has blocked thousands of Russian accounts. The website has promised its full cooperation in making the sanctions imposed on Russia successful after the attack on Ukraine. In a statement issued on Monday night, Coinbase said – “Today Coinbase blocked more than 25,000 accounts related to Russia. These accounts are believed to have been involved in illegal activities, many of which we have identified through our investigations.
Russian people’s crypto transactions banned
Earlier it was reported that the US, Europe, and Japan are trying to take measures to prevent Russia’s attempt to circumvent Western sanctions through cryptocurrencies. Last week, the Japanese government started talks with crypto industry officials about this. In it it was said that crypto transactions of Russian people should be banned. Earlier, in a meeting of the finance ministers of the European Union, it was agreed to ban the use of crypto assets so that the restrictions could not be circumvented.
According to Naoyuki Iwashita, former head of the Bank of Japan’s Financial Technology Center, this is not the first time that such concerns have arisen with cryptocurrencies. He told the website NikkeaAsia.com – in 2013, during the financial crisis of Cyprus, the government there implemented capital control rules. Then there was speculation that many people would use bitcoin to break this rule. Iwashita said – ‘This was the first major time that cryptocurrencies were used for money laundering. Now the western countries suspect that Russia is following this path.
12 percent of the population in crypto business
Sam Bankman Freud, CEO of cryptocurrency exchange FTX, said on Monday that his company is very careful not to use cryptocurrencies to circumvent sanctions. He said in an interview to the TV channel CNBC- ‘So far we have not seen any such organized effort from the Russian side to avoid sanctions. But I would not be surprised if such an attempt was made.
There is no official figure on how many Russians have invested in cryptocurrencies. But crypto payment company Triple-A estimates that this number can be up to 13 million. That is, 12 percent of the total population of Russia is associated with crypto business. Russian news agency Tass reported last December that Russian citizens had invested five trillion rubles (about $45 billion at current prices).