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Ruble denominated crypto volume fall continues after ECB warns Russia again on sanction

ECB President Christine Lagarde targets cryptocurrency and says cryptocurrency is a “threat” to global security which is very different from many expert opinions. European central bank President Christine Lagarde has repeated her warning again that Russian investors are accessing cryptocurrency to evade sanction

Notingly, as per the chainalysis report ruble denominated crypto volume down to just $7.4 million which is 50% form peak of $70 million on march 7. Ruble crypto volume as compared to the total global crypto market volume is very less especially when Bitcoin’s volume on daily basis fluctuates between $20 billion and $40 billion.

ECB president Christine Lagarde shared her views in a presentation at the bank for International Settlement Innovation Summit where she said that European authorities had seen the “volume of ruble into stable into crypto at the highest level that we have seen since maybe 2021”

Lagarde did not point the finger at the Russian government and outlined that it was primarily Russian individuals and businesses moves toward cryptocurrencies. However she said that cryptocurrencies “are certainly being used as a way to try to circumvent the sanctions.”

“So is it [crypto] a threat? Yes. Has it … been a threat in the past? Yes, because when you look at a lot of the dubious transactions that are taking place, a lot of the criminal activities payments that are taking place, very often you find some crypto assets.”

Lagarde did not point the finger at the Russian government and outlined that it was primarily Russian individuals and businesses moves toward cryptocurrencies. Cryptocurrencies, on the other hand, are “definitely being used as a tool to try to avoid the sanctions,” she said.

As per the data of crypto analysis firm Kaiko shows that ruble volume is down by 86% from its peak of $38 million on march 7 to reduce even more and reaches 5 million on  March 22. Initially there was a surge when war began but afterward things were pretty timid.

Read more:

Russian ruble drops as oil sanctions impact global markets

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