Monday, October 3, 2022
HomeLaw & PoliticsUkraine urges cryptocurrency exchanges to block addresses linked to Russia and Belarus

Ukraine urges cryptocurrency exchanges to block addresses linked to Russia and Belarus

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.

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Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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