The use of cryptocurrencies does not allow countries, companies or individuals to massively evade international sanctions, such as those imposed on Russia by the West, the director general of the International Monetary Fund, Kristalina Georgiev.
“There is no strong evidence that digital money can be used to circumvent sanctions. Why? Because the financial system still has an important role to play,” he said in a virtual conversation, as part of the IMF’s spring meetings. and the world Bank.
Sanctions very clearly prevent transactions,” he said.
The IMF is following the case closely, and above all it monitors compliance with the sanctions imposed by the West on Russia since it began its invasion of Ukraine at the end of February.
In Ukraine, the authorities “were very interested in digital currencies before the war. And they worked hard on it,” which, according to Georgieva, allowed them to receive help “low cost, quickly, reaching people who need it.” . However, it represents a small part of the total aid mobilized: around 100 million dollars.
According to Georgieva, Russia is also “moving towards a digital central bank currency.”
There are several types of cryptocurrencies, from bitcoins to digital currencies issued by central banks, a topic that is being refined by many countries, including China, which is already testing it in real conditions, or the United States, which is examining whether to create a cryptodollar.
In September El Salvador was the first country in the world to adopt bitcoin as legal tender, along with the US dollar. The IMF He had asked her to back down.