Russia sanctions put spotlight on crypto: 5 things to know

Authorities, industry consider ways to limit use in dodging financial sanctions

20220307Russian rouble banknotes and cryptocurrency

Major economies are looking to ensure cryptocurrencies are not used as a tool for dodging financial sanctions imposed on Russia over its invasion of Ukraine. © Reuters

TSUBASA SURUGA, Nikkei staff writer

March 7, 2022 12:23 JST

TOKYO -- The U.S., Europe and now Japan are all considering measures to ensure that cryptocurrencies are not used as a tool for dodging financial sanctions imposed on Russia over its invasion of Ukraine.

Japan's crypto industry group and government officials began discussing possible new rules on Thursday, including banning exchanges from facilitating transactions involving Russian individuals.