Experts explained the growth in quotes of digital assets at the beginning of the week by the influence of sanctions imposed on the Russian banking sector due to the military conflict in Ukraine, including a partial disconnect from SWIFT payment system.
There is a possibility that financial structures will use cryptocurrency to bypass the current restrictions.
According to several analysts, businessmen on the sanctions list will have no choice but to invest in digital assets if they do not want to return resources to Russian banks.
The state can accelerate the launch of the digital ruble, allowing it to bypass economic restrictions, and the cryptocurrency market will benefit from new investments. This scenario was assumed in Washington so the US administration turned to cryptocurrency platforms and services with a request to block the accounts of Russian users.
This call was greeted by the Management of sites ambiguously: several crypto exchanges suspended transactions with digital assets in Russia but others refused to block or preferred to limit the accounts only to users who refused to sanction lists.
There are no legal grounds for a complete refusal to provide services to customers from Russia.
By the end of the week, the market resumed its decline as investors fear that the EU and US will try to fend off the possibility of Russia circumventing sanctions through the use of digital assets by tightening control over the cryptocurrency sector. In particular, the head of the US Federal Reserve, Jerome Powell, called for increased regulation.
He noted that the very nature of cryptocurrencies makes them an excellent instrument for circumventing sanctions, so control is necessary.
Also according to Reuters sources, the EU authorities are preparing a new package of restrictions against the Russian economy, which may affect its digital assets, but details are not yet known.
Bank of the Russian Federation refused to soften its position on digital assets: officials are still confident that the circulation and mining of cryptocurrencies in the country should be banned, which means that the digital market is not considered the main tool for circumventing economic restrictions.
This week, quotes of most cryptocurrencies may consolidate continue to decline.
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