Chainalysis: Russia Is Loudest and 'Most Pervasive' Country Using Crypto to Skirt Sanctions - Decrypt
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Chainalysis: Russia Is Loudest and 'Most Pervasive' Country Using Crypto to Skirt Sanctions
“Russia has become an international force using cryptocurrency for everything from sanctions evasion to ransomware attacks," one exec said. Russia has been increasing its use of cryptocurrency for sanctions e
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Summary
- 🇷🇺 **Russia's Crypto Usage**: Chainalysis reports that Russia is the most prominent country using cryptocurrency to evade sanctions and engage in illicit activities.
- 💰 **Sanctions Evasion**: The country has ramped up its cryptocurrency activities for purposes such as sanctions evasion, ransomware attacks, and election interference.
- 📊 **Desperation Sign**: Experts suggest that Russia's reliance on crypto indicates a sense of desperation, as they would prefer a central bank digital currency (CBDC) that is still under development.
- 🛠️ **Slow CBDC Development**: The slow progress in creating a CBDC has forced Russia to turn to various cryptocurrencies for financial transactions.
- 🎤 **Expert Insights**: Chainalysis executives highlighted these issues during a talk shared on their YouTube channel, emphasizing the strategic use of crypto by Russia.
Top Highlights
- Chainalysis: Russia Is Loudest and 'Most Pervasive' Country Using Crypto to Skirt Sanctions “Russia has become an international force using cryptocurrency for everything from sanctions evasion to ransomware attacks," one exec said.
- Russia has been increasing its use of cryptocurrency for sanctions evasion, disinformation, and election interference, according to execs for leading blockchain analytics firm Chainalysis. “Russia has become an international force using cryptocurrency for everything from sanctions evasion to ransomware attacks, and most recently, interference and ...
- Valerie Kennedy—the firm’s Director of Intelligence Solutions—suggested that crypto use is a sign of desperation on Russia’s part since “in Russia's perfect world, they would have used a central bank digital currency.” Still, that sort of system has “been pretty slow to develop” forcing Russia “to use different types of cryptocurrencies instead for...
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