The Treasury Ministries of Germany, the United States and other G7 countries have announced that they are monitoring attempts to circumvent sanctions using cryptocurrencies.
The countries of the Big Seven (G7) are exploring all ways to ban individuals and companies from Russia from using cryptocurrencies to circumvent sanctions, Bloomberg reports. We are talking about the UK, Germany, Italy, Canada, USA, France and Japan. The finance ministers and heads of the central banks of the G7 countries discussed the situation with the Minister of Finance of Ukraine Serhiy Marchenko.
German Finance Minister Christian Lindner said that large EU countries are now obliged to take measures to prevent the transition of companies and individuals subject to sanctions to settlements in cryptocurrencies. For now, Germany is doing this separately from other G7 members, Lindner said. We are talking about “maximum isolation of Russia at all levels”, including the crypto industry.
The US Treasury Department said it was monitoring all attempts by Russia to use cryptocurrency to circumvent sanctions.
“We will continue to monitor how the sanctions work and evaluate if there are leaks and if we have the ability to quickly fix them,” Secretary Janet Yellen said.
Earlier, the White House asked cryptocurrency exchanges to block sanctioned users from Russia.
Source: Bits
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