Cryptocurrencies threaten long-term damage from staying in Russia: report

The head of the LSE Group said that crypto-exchanges are making a “fork in the road” over Russia

Cryptocurrency exchanges are jeopardizing the long-term damage to their industry by continuing to be in Russia because Western governments want to isolate Moscow, the head of the London Stock Exchange Group said on Wednesday, saying it was “a moment of limit”.

Unlike payment companies, most cryptocurrency exchanges have rejected calls to cut off all Russian users, and have raised concerns among European officials and U.S. lawmakers that digital assets could be used as a result of the U.S. and European invasion of Moscow. Ukraine.

Cryptocurrencies have a “fork in the road” to adopt an ideology of independence from regulation or a closer fit with the global financial system, which underscores the need for transparent regulation and frameworks, said David Schwimmer, LSEG CEO.

“If this industry is seen as a bad player … by imposing or avoiding sanctions on what is happening to Russia, I think that would have a long-term impact on how that industry is perceived,” the Futures Industry Association told Boca Raton. (Florida) at a conference.

(This story was not edited by NDTV staff and was automatically created from a union feed.)

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