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Ukraine war

U.S., Japan and EU rush to close crypto loophole in Russia sanctions

Decentralized assets seen as haven with ruble crashing and banks cut off

Bitcoin-ruble trading volumes swelled in late February as Russia was hit with sweeping financial sanctions.   © Reuters

TOKYO -- Japan and its Western peers are racing to crack down on cryptocurrency transactions by Russians trying to dodge sanctions imposed after Moscow's invasion of Ukraine, but the effort faces enormous challenges because the targeted assets are decentralized and lack single administrators.

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