The management of the analytical company Chainalysis disclosed data on how Russians are evading sanctions with the help of digital currencies.
Chainalysis Co-Founder and Chief Strategy Officer Jonathan Levin spoke to Bloomberg Technology about new tools to help crypto companies and exchanges enforce Russia sanctions.
When it comes to sanctions compliance by intermediaries such as cryptocurrency exchanges, Levin said, the question always comes up: what evidence is there that Russians can use cryptocurrencies to circumvent these sanctions.
“We study all points of entry and exit from the Russian economy into cryptocurrencies and monitor changes in liquidity, volumes and various transaction models. We are trying to understand whether there really have been systemic changes in how Russians use cryptocurrencies,” says Levin, adding that so far there is no evidence of lifting sanctions.
Amid the ongoing geopolitical crisis, a tipping point is coming for cryptocurrencies, according to a Chainalysis executive. One of the main advantages of digital assets, says Levine, is that they allow money to be moved around the world quickly. In the current situation, many countries and companies appreciate this advantage. In addition, governments will also be able to make sure that cryptocurrencies are amenable to clear regulation. Ultimately, these benefits will push countries to scrutinize and regulate the industry more carefully.
Recall that earlier US Deputy Secretary of the Treasury Nellie Liang said that the cryptocurrency industry is not yet sufficiently developed to help Russia successfully circumvent sanctions.
Source: Bits
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