Earlier this week, Ukraine told major cryptocurrency exchanges that they should block addresses linked to Russia and Belarus. The issue comes at a time when more and more people think Russia might use the platform to get around recent economic sanctions.
However, the crypto community was opposed to the request. On Sunday, Ukraine’s Vice Prime Minister and Minister of Digital Transformation, Mykhailo Fedorov, tweeted the request. This came soon after the US and its allies banned many Russian banks from using the SWIFT transaction system. The majority of Moscow’s offshore assets have also been frozen.
Fedorov’s comments come as there is growing fear that Russia may use cryptocurrency to fund international trade after being banned from major international platforms. The country is one of the world’s top crypto holders, accounting for around 12% of total market capitalisation. As a result, Fedorov’s suggestion drew criticism from the community. Many people thought that the move would be against cryptocurrency because it is not a form of money that is controlled by a single person or group.