Now Ukraine is getting full support from the US Internal Revenue Service to restrict crypto transactions linked with Russian government agencies.
Ukraine is a crypto-friendly region in the world. After the Russia vs Ukraine conflict, Ukraine shifted its focus toward the crypto & blockchain sector adoption. In early 2022, Ukraine collected more than $100 million worth of crypto assets from the Crypto sector, in the form of donations. In the same year, the majority of the Western countries imposed financial sanctions on Russia to slow down the war efforts.
Recently the Wall Street Journal (WSJ) reported that Ukrainian security intelligence is getting training support from the US Internal Revenue Service (IRS) agency to trace suspicious crypto transactions easily.
Reportedly, Ukraine will use this skill to trace the Russian-linked crypto transactions, to keep Russia’s crypto-backed financial transactions away from the country.
“We resist the aggressor state not only on the battlefield but also on the economic front,” said Eduard Fedorov – Acting Director of Ukraine’s Economic Security Bureau.
Russia to bypass sanction via crypto
Between 2022 and 2023, many experts shared their opinion and claimed that Russia may use crypto-backed payment services to bypass the Western financial sanction easily.
In 2022, the majority of the crypto exchanges also banned the particular Russian authorities-linked crypto addresses, to comply with the sanction measures.
Recently BRICS, of which Russia is also a member, confirmed that it is working to develop a global currency to help the Brics members to process money transactions without any need of US dollar.
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