The narrative that the Russian state is going to use cryptocurrency to evade sanctions “simply is not true”, according to BTC Markets CEO Caroline Bowler.
Since the sanctions were introduced about two weeks ago, the value of the Russian rouble has fallen, and Russian banks have been cut off from the Swift money transfer system.
Many Russians have now moved their assets into cryptocurrencies such as Bitcoin and Ethereum.
“So, what we’re seeing very much is that this is a retail-driven, just everyday Ukrainians and Russians converting what they hold in rouble and the Ukrainian currency into crypto as a store of value,” Ms Bowler told Sky News Australia.
