Cryptocurrency trades in rubles drop as ECB sanctions

SANCTIONS RUSSIA

According to ECB President Christine Lagarde, cryptocurrency constitutes a „threat” to global security, but this is in stark contrast to real-world data and expert opinion. The president of the European Central Bank, Christine Lagarde, reiterated her warnings regarding the use of cryptocurrency by Russians to bypass sanctions.Chainalysis reports that the daily ruble-denominated crypto trading volume was just $7.4 million as of March 18, down more than 50% from recent figures and a peak of $70 million on March 7.This amount represents a tiny slither of the total global crypto market volume, with Bitcoin’s total daily volume generally fluctuating between $20 billion and $40 billion.In a presentation at the Bank for International Settlements Innovation Summit on Tuesday, the crypto skeptic Lagarde said that European financial authorities said that, “volumes of rubles into stable, into cryptos, at the moment [is at] the highest level that we have seen since maybe 2021.”Ms. Lagarde a

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