Coinbase CEO Brian Armstrong said that ordinary Russian citizens use Bitcoin as a lifeline.
Armstrong, CEO of Coinbase, the largest US crypto asset trading platform, spoke about the blocking requested by Ukraine for Russian users. In a tweet series he shared today, he said that, like other financial services companies, he could block transactions made from IP addresses that may belong to individuals or institutions to be sanctioned, but that he would not pre-ban all Russians from using the platform. In his statement on the subject, the CEO used the following statements:
“Some ordinary Russians are using crypto as a lifeline because their currency has collapsed. Many are probably opposed to what their country is doing, and a ban would hurt them too.”
The data, on the other hand, shows that Russian citizens who want to evade sanctions do not currently use major crypto trading platforms. is showing. According to Chainalysis, crypto activity in rubles was just $34.1 million on March 3. This amount is significantly lower than the record $158 million in May 2021.
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