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.
The U.S., Japan and the European Union blocked major Russian banks from the SWIFT global payment network as part of the sanctions, temporarily sending the value of the ruble down 30%. This has prompted Russian individuals and businesses to turn to cryptocurrencies for sending their money offshore -- a loophole that countries involved in the sanctions are aiming to close.
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