Cryptocurrencies could in certain cases be used to circumvent sanctions.
(Photo: Reuters)
Frankfurt, Dusseldorf, New York For a long time, the Central Bank of Russia considered cryptocurrencies a risk to financial stability. Bitcoin and Co. could be used to finance criminal activities, the central bank warned in January. Now, experts say, the crypto world of all things could help Russia circumvent the sanctions imposed by the West – under certain conditions.
Russia’s currency is in free fall. After the decision to exclude Russian banks from the Swift international payment system was made at the weekend, the ruble temporarily lost around 30 percent in value on Monday. In addition, assets of the Russian Central Bank, which holds an estimated $630 billion in reserves, were frozen.
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