Crypto Controversy: The Rise of Sanctioned Rouble-Pegged Tokens
A rouble-backed cryptocurrency under sanctions sponsored a major crypto event in Singapore, drawing attention to its surging demand. Despite issues with Western sanctions, its trading volumes have risen significantly. While organizers distanced themselves after media inquiries, the token remains popular for cross-border payments in non-Western regions.
This week's TOKEN2049 conference in Singapore saw a controversial sponsor among its ranks: a rouble-backed cryptocurrency targeted by U.S. sanctions. The event, a major fixture in the global cryptocurrency calendar, highlighted the increasing demand for the token, especially among Russian users.
The stablecoin, pegged to the rouble and known as A7A5, was launched by a Russian defense lender and payments firm in January. It was listed as a platinum sponsor for the conference alongside industry elites, with A7A5's Director of Regulatory and Overseas Affairs, Oleg Ogienko, speaking at the event.
However, following media inquiries, references to A7A5 were removed from the conference's website, and Ogienko's participation was downplayed. Despite the controversy, A7A5's trading volume continues to soar, highlighting the challenges Western nations face in curbing the use of cryptocurrencies to evade sanctions.
(With inputs from agencies.)
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