On March 18, William Je, President of the Himalaya Exchange, was interviewed by Bloomberg about cryptocurrencies and their role in the Russia-Ukraine war. The Turkish Lira’s share in the cryptocurrency stable coin market jumped from 0.3% to 26% after the Turkish lira’s sharp devaluation. And the trading volume of Ruble-denominated Tether stable coin has been increasing massively following the severe sanctions against Russia.
The development of cryptocurrencies poses a risk to the existing financial order and may provide avenues for illegal activities and evasion of sanctions. Williams said that the use of cryptocurrencies as a medium for illegal activities can be easily addressed if regulators work closely together to provide clear and coordinated guidelines for cryptocurrency operators.
Strict customer KYC by cryptocurrency platforms will be inevitable. William further stated, he has spoken to many asset managers and investment banks and every one of them has started to invest into crypto or is studying the cryptocurrency space.
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