Key Insights:
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Concerns rise over Russia’s ability to evade sanctions via the crypto market
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Ukrainian Vice President offers bounties for politically connected crypto wallets
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On Friday. ECB President Lagarde talked of ways and means to block access to crypto funds
Sanctions on Russia have become extensive in recent days. Following hefty sanctions last week, the West announced the blocking of certain Russian banks from the SWIFT payment system over the weekend.
As a result of the moves against Russia, concerns have risen over Russia’s ability to use crypto to evade sanctions.
Ukrainian Government Offers Bounties for Russian Politician Wallet Addresses
Over the weekend, the Ukrainian government took to Twitter, offering bounties for information regarding politically-linked crypto wallets.
Vice Prime Minister of Ukraine and Minister of Digital Transformation, Mykhailo Fedorov, tweeted “War crimes must be pursued and punished!”
In the tweet, Fedorov offered “a generous reward for any information about crypto-wallets of Russian and Belarusian politicians and their surroundings.”
The Ukrainian government will reportedly reward tipsters from a war chest consisting of crypto donations. According to Reuters, the Ukrainian government has raised almost $8m in crypto through crowdfunding efforts.
On Saturday, Fedorov called for support by announcing that the government would accept Ethereum (ETH), Bitcoin (BTC), and Tether (USDT) donations.
The government’s call for crypto support follows the legalization of Bitcoin and cryptocurrencies in February. The call is also aligned with the government’s goal of becoming a hub for digital asset innovation.