western powers Russia embargoes on banks and Russian financial institutions SWIFT After the recent drastic measures banning its access, many have suggested that Russia may take refuge in cryptocurrencies to escape the sanctions in question.
Stating that he did not find the allegations that have been the subject of discussion for days true, Brad Garlinghouse, CEO of Ripple He also stated that Russia cannot use crypto assets to evade global sanctions.
Ripple CEO Brad Garlinghouse, in a recent tweet sharing his thoughts on Russia, stated that there are reasons why Russia cannot use cryptocurrencies:
I continue to see asinine arguments from uninformed pundits of how crypto works. I want to reiterate what @ashgoblue said yesterday – there are factual reasons why crypto can’t be used on the broad scale for Russia to evade sanctions. https://t.co/WmQC4sHcSa https://t.co/Pk2fy9iUV8
— Brad Garlinghouse (@bgarlinghouse) March 2, 2022
Explaining the working logic of the cryptocurrency exchange, Garlinghouse stated that global crypto trading platforms cannot serve a blacklisted country or individuals.
Stating that if this happens, these institutions may come to the point of losing their licenses, Garlinghouse said that crypto exchanges have partnerships with various banks.
The famous CEO asked the users of crypto money exchanges to stop this unfortunate development. KYC/AML requirementsHe stated that they took strict measures, including demanding that they comply with the rules.
Garlinghouse also
For example, RippleNet has always been and continues to be determined not to work with sanctioned banks or limited counterparty countries. Ripple and our customers support and enforce OFAC laws and KYC/AML.
he added.