Oligarchs using cryptocurrency including Bitcoin to evade U.S. sanctions according to European Bank President Christine Lagarde

According to the European Bank President Christine Lagarde, as reported in a Bloomberg report, Russians are converting their local fiat currency into cryptocurrency and stable coins as part of a clear strategy to evade sanctions imposed on the Oligarchs resulting from Russia’s invasion of Ukraine. Cryptocurrencies which are set up on a blockchain are extremely difficult to trace and regulate and to monitor. There is no observing entity or censor in the Bitcoin network. The technology allows users to create pseudonyms attached to “wallets” used to transact cryptocurrency. This is why crypto has become the method of choice for money laundering by crime syndicates. This allows the assets to be hidden from view, which is why cryptocurrencies suit the interest of the oligarchs. The U.S. authorities are monitoring crypto exchanges for any transactions in which they assist Oligarchs or others under U.S. sanctions or that allow money laundering.