Technology

Christine Lagarde Claims Crypto Is Being Used to Evade Russian Sanctions

European Central Bank President Christine Lagarde said today that cryptocurrency is “certainly being used” as a means of evading international sanctions on the Russian Federation. However, industry experts may not be persuaded of that. Speaking at the Bank for International Settlements’ Innovation Summit on Tuesday, Lagarde, the president of the European Central Bank, stated that cryptocurrencies “are certainly being used, as we speak, as a way to try to circumvent the sanctions that have been decided by many countries around the world against Russia.” She cited as evidence the growing number of rubles that are being exchanged for various cryptocurrencies, including stablecoins. Lagarde has not been alone in her worry that Russians could use cryptocurrency as a means dodging the historic economic sanctions levied against the country in attempt to deter President Vladimir Putin’s aggression.

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