European Central Bank (ECB) President Christine Lagarde recently issued a warning against actions seen as misconduct. According to him since the beginning of the war in Ukraine, the exchange of rubles to cryptocurrencies has increased and it is seen as a measure to avoid the restrictions that have been imposed on. Russia.
At the 2022 Innovation Conference organized by the Central Bank for International Settlements (BIS), Lagarde noted that the number of rubles converted into cryptocurrencies is at “the highest level since May 2021.” Lagarde considers that cryptocurrency is a threat because it can be manipulated for criminal matters and money laundering.
Lagarde added that cryptocurrencies had been used to circumvent sanctions imposed on Russia because of its aggression on Ukraine. Lagarde also said that they see that Ukrainian refugees who migrate to Slovakia, Hungary, Poland and other countries are unable to convert their currency into other currencies. Nearly 3.5 million Ukrainians, mostly women, children and the elderly, have left their country as a result of the Russian aggression, according to figures from the United Nations High Commissioner for Refugees (UNHCR)
Many cross the border with their savings, but they are unable to meet their basic needs as they cannot exchange them either in euros or in other European currencies because the exchange rates offered are too high. To address this issue, the European Union and the ECB are trying to create exchange mechanisms that are acceptable to banks and exchange offices.
Finally, the ECB and Lagarde have issued a warning stating "We have taken steps to warn those who change, conduct transactions or offer services that fall into the abetment category to avoid sanctions".
