Larry Fink who is the Chief Executive Officer of the BlackRock company today shared his views on the Russia-Ukraine conflict over the crypto market. According to the CEO who manages $ 10 trillion worth of assets stated that the topic of the impact of the Russian-Ukrainian conflict on the crypto market is less discussed even though it happened a month ago.
He said the ongoing war would prompt countries to re-evaluate their currency dependence. Even before the outbreak some governments were looking for ways to consider alternative preparations with attempts to play a more active role in cryptocurrencies and define a regulatory framework for the cryptocurrency market.
Fink gave the example of the U.S. Federal Reserve publishing a study examining the pros and cons of the U.S. central bank’s digital currency.
"Global digital payment systems, carefully designed, can improve the settlement of international transactions while reducing the risk of money laundering and corruption," added Fink. "Digital currency or CBDC is also seen to be able to help reduce the cost of cross -border transactions, especially when outside workers send paychecks to their families."
After the war broke out, the U.S. and several other countries imposed sanctions on Russia to the point of prompting many to make crypto an option under consideration. Crypto transactions on the exchange involving the Russian ruble and the Ukrainian hryvnia showed a surge to the highest level in several months.
BlackRock data also shows that there is a growing interest in cryptocurrencies. The CEO of BlackRock has previously spoken optimistically about the future of the “cryptocurrency”. He finally argues that there are still many opportunities that can be taken advantage of from blockchain and crypto technologies.
