State Silence Fuels Fears Kyrgyz Crypto Boom Busting Russia Sanctions
BISHKEK – Silence from Kyrgyz officials is adding to international concerns about alleged transactions worth billions of dollars on a cryptocurrency exchange registered in the Central Asia country.
Grinex, the platform at the center of the controversy, reportedly facilitated $9 billion in transactions between January and April this year, primarily using a ruble-pegged stablecoin (a type of cryptocurrency) known as A7A5.
These revelations, first brought to light by The Financial Times in late June, raise concerns that Grinex could be a crucial player in Russian efforts to circumvent Western sanctions imposed after Moscow launched its ongoing full-scale invasion of Ukraine in 2022.
Grinex was founded weeks after U.S. sanctions dismantled…
