The President of the European Central Bank, who is often seen as a cryptocurrency opponent, said at today’s conference that the institution has observed Russians using digital assets to bypass Western sanctions.
Shortly after Russia began its military campaign in Ukraine, the EU and NATO imposed a slew of sanctions on President Putin, his administration, the country’s infrastructure, and everything in between.
With cryptocurrency trade activity from Russia rising in the days after the outbreak of the conflict, several watchdogs speculated that billionaires were utilising such assets to avoid sanctions.
However, there is little to no actual proof of this, and other cryptocurrency insiders explained why the market is already open enough to prevent such activities.
Christine Lagarde, the current head of the European Central Bank and a well-known cryptocritic, believes in the above narrative. During the institution’s most recent online meeting, she warned that firms that help people avoid fines will face more scrutiny.
