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According to Ripple CEO Brad Garlinghouse, the Russian authorities will not be able to use digital currencies to circumvent financial sanctions.
Talks about the use of such tools in states under sanctions pressure have been going on over the past few years. For example, Iran has repeatedly stated its intention to use bitcoin for international payments.
Russian business last week appealed to the country's leadership with a call to speed up the legalization of digital currencies. Entrepreneurs believe that with the help of bitcoin, European and American sanctions can be circumvented.
However, Ripple CEO Brad Garlinghouse is skeptical. According to him, almost all the largest bitcoin exchanges cooperate with banks. In addition, they are under scrutiny by regulators.
Accordingly, information about Russian transactions will be transferred to the US and EU authorities. Garlinghouse expressed his point of view on Twitter and noted that the criminal use of digital currencies is gradually becoming a thing of the past.
The crypto sphere is becoming more transparent and safer, and it will inevitably become part of the global financial sector.