Theories that crypto will be used by Russia to skirt sanctions have been put to the test as ruble-denominated trading volume has plummeted across major exchanges.
attributed the surge to Russians buying cryptocurrency in the face of increasing economic sanctions. This theory seems to be proved false, however, as data from Chainalysis showed that ruble-denominated crypto trading volume was just $34.1 million on March 3, around half of a recent peak of $70.7 million a week ago on Feb. 24.
Recently, New York state increased its blockchain surveillance capacities to further prevent cryptocurrencies or digital assets from being used to support Russian interests.state agencies to divest from Russian institutions and companies, as well as entities that provide them with support. She said: Highlighting the other side of the narrative, Jake Chervinsky, head of policy at the Blockchain Association in the U.S., went as far as to call these concerns about crypto “totally unfounded”.Concerns about crypto's use for sanctions evasion are totally unfounded. They fundamentally misunderstand:March 1, 2022
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