Newsonline reports that while the war in Ukraine continues to raise concerns over sanctions evasion, the International Monetary Fund says governments should ensure they have the ability to impose capital controls on crypto and traditional assets.
Citizens of countries that are crisis-hit, like Greece and Argentina, might be restricted from using bitcoins, as well as withdrawing cash from ATMs or using foreign currency.
The IMF admits that bitcoin transfers are “impractical,” and warns that some would-be users are turning to less scrupulous services or using other methods like mixers in order to evade sanctions.
Earlier this year, the IMF warned that a lack of regulation of crypto could create instability and fraud. Christine Lagarde, president of the European Central Bank, has previously stated that crypto is being used to evade financial sanctions imposed on Russia, despite little evidence to back up her claim.
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