The cryptocurrency industry received a “powerful signal” about the need to implement solutions that will prevent Russia from evading sanctions through mining. David Carlisle, vice president of policy and regulatory affairs at Elliptic, has said.
In his opinion, “unprecedented” OFAC’s sanctions on Russian mining center operator BitRiver demonstrate the agency’s real concerns about this issue. He has said:
“The crypto asset industry should also work to implement compliance solutions and processes to ensure that they can prevent prohibited transactions and services involving blacklisted entities.”
Elliptic previously estimated that Western-sanctioned Iran has earned up to $1 billion from Bitcoin mining. OFAC will make every effort to prevent Russia from following such a scenario.
On April 20, the US Treasury imposed sanctions against the BitRiver group of companies engaged in cryptocurrency mining in Russia.
