- Russia in efforts to use their crypto holdings.
- Ripple CEO is confidently against the fact.
- Points out crypto’s KYC policies.
The war still rages on as the sixth day, with Ukraine doing all it could to withstand the constant attacks of Russia. Despite all efforts and talks, a full stop to the war is nowhere to be seen! In such conditions, the crypto industry has a major and more prominent role to play. In fact, this is the first time crypto takes part in a proper war and concerns surrounding it.
The involvement of crypto is so high that Ukraine has been receiving all sorts of crypto donations and funds from all over the world, specifically Bitcoin (BTC). In addition to this, Ukraine has also started to accept Tether (USDT) officially too.
On the other hand, the whole world has cornered Russia by many means possible. The SWIFT international payment mode has been blocked for Russia. In addition, all trades and finance-related services are stopped completely for Russia from the Western countries. In spite of all this, now Russia somehow tends to make use of its crypto reserve to overcome the growing sanctions.
Ripple CEO’s Comments
The US has requested many prominent crypto exchanges to stop users from Russia or Russia-based firms from accessing their wallets. However, this has been rejected. Many terms that if approved, would be a great violation of the crypto policies and rules.
Accordingly, the Ripple CEO, Brad Gralinghouse points out that Russia cannot use crypto against its growing sanctions. As all of the crypto industry, including banks, partners, and financial firms are all linked with one another, it would be easy to find out from where and which platform the transactions have been carried out. Especially in terms of crypto to fiat and fiat to crypto exchanges.
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
Finally, Brad Gralinghouse terms that in such an improvised blockchain technological era, money laundering through crypto by fraudsters is o more into play and that they are a thing of the past.
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