Sanctions on Russia have become extensive in recent days. After last week's heavy sanctions, the West announced the blocking of some Russian banks from the SWIFT payment system over the weekend.
As a result of the moves against Russia, concerns have increased over Russia's ability to use cryptocurrencies to evade sanctions.
The Ukrainian government offers bounties for the addresses of the portfolios of Russian politicians
Over the weekend, the Ukrainian government took to Twitter, offering bounties for information regarding politics-related cryptocurrency wallets.
Deputy Prime Minister of Ukraine and Minister of Digital Transformation Mykhailo Fedorov tweeted “War crimes must be prosecuted and punished!
In the tweet, Fedorov offered "a generous reward for any information on the crypto-wallets of Russian and Belarusian politicians and their surroundings".
The Ukrainian government will reportedly reward whistleblowers from a war chest made up of cryptocurrency donations. According to Reuters, the Ukrainian government has raised nearly $ 8 million in crypto through crowdfunding efforts.
On Saturday, Fedorov called for support by announcing that the government would accept donations in Ethereum (ETH), Bitcoin (BTC) and Tether (USDT) - here quotations in real time.
The government's appeal for support for cryptocurrencies follows the legalization of Bitcoin and cryptocurrencies in February. The call is also aligned with the government's goal of becoming a hub for digital asset innovation.
Other governments are also alert to Russia's possible use of cryptography to evade sanctions.
The president of the ECB calls for regulation of cryptocurrencies
As the cryptocurrency market awaits the heavily anticipated White House executive order on cryptocurrencies, ECB President Christine Lagarde spoke at an "informal meeting of economy and finance ministers" on Friday.
On Russia and cryptocurrencies, Lagarde said: “It's fine to be in cryptocurrencies, but that's not all. We need to move from cryptocurrencies to stablecoins and finally to fiat currencies. There are now ways, DLT or not, to actually pierce that veil and to make sure that criminal activity is actively prosecuted and properly treated ”.
The ECB president was answering a question about Russia evading sanctions using cryptocurrencies. Comments from ECB President Lagarde followed a report on countries and governments, including Russia, hoarding cryptocurrencies by illicit means.