Aidan Arasasingham, Gerard DiPippo
Finance typically plays a major role in wars, but the Russia-Ukraine war is the first major conflict with a prominent role for cryptocurrencies. Since Russian forces invaded Ukraine on February 24, the United States and its partners have levied an unprecedented series of sanctions on Russia. These efforts have raised questions, including in Congress, about whether cryptocurrencies can be used by Russian actors to bypass sanctions. More broadly, the Russia-Ukraine crisis comes at a time when policymakers are trying to decide how to regulate digital assets. This month, President Biden signed an executive order calling for a whole-of-government strategy on digital assets, including to mitigate national security risks and illicit finance. The European Parliament is debating whether to impose energy-use standards on cryptocurrencies that could limit certain types. The prominence of crypto in this conflict could influence global perceptions of the technology, including among governments considering new regulations.
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