Elliptic: Crypto Sector Should Prevent Russia From Circumventing Sanctions

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David Carlisle, vice president of policy and regulation at analytics firm Elliptic, has said the cryptocurrency sector has received a “strong signal” from the US that it needs to implement solutions that prevent Russia from circumventing sanctions through mining.

According to it, the “unprecedented” sanctions imposed by the US Office of Foreign Assets Control (OFAC) against Russian mining center operator BitRiver demonstrate the department’s real concern about this issue.

Carlisle has said:

“The crypto asset industry should also work to implement compliance solutions and processes to ensure they can avoid prohibited transactions and services involving blacklisted entities.”

Elliptic has previously estimated that Iran, which is under Western sanctions, has earned as much as $1 billion from Bitcoin mining. Carlisle is convinced that the OFAC will do everything it can to prevent Russia from doing the same.

Last April 20, the US Department of the Treasury imposed sanctions against the BitRiver group of companies, which are engaged in cryptocurrency mining in Russia.

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