Source link : https://london-news.net/kyrgyzstans-a7a5-cryptocurrency-facilitates-9-billion-in-sanction-evasion-transactions/
A cryptocurrency token named A7A5, launched in Kyrgyzstan to assist Russia in executing cross-border payments while circumventing international sanctions, has facilitated $9.3 billion in transactions in just four months, according to a report by the Financial Times.
Launched in February, this stablecoin is linked to the Russian ruble and has associations with Ilan Şor, a Moldovan businessman under sanctions.
A7A5’s introduction coincided with the establishment of Grinex, a new cryptocurrency exchange that allows trading in A7A5, Russian rubles, and Tether, a widely-used stablecoin pegged to the US dollar.
Currently, there are 12 billion A7A5 tokens in circulation, valued at around $156 million, as reported by FT.
An analysis of cryptocurrency wallets connected to Grinex revealed that a relatively small group of users frequently conducts transfers that, cumulatively, significantly exceed the coin’s transaction volume.
Overall, the transactions involving A7A5 have totaled $9.3 billion.
The stablecoin is backed by ruble deposits held at Promsvyazbank, which is a significant lender to Russia’s defense industry and is facing stringent sanctions from the U.S., the U.K., and the EU.
The issuing company of A7A5, co-owned by Ilan Şor, is under scrutiny due to Şor’s conviction for embezzling $1 billion from Moldova’s banking system, which nearly led to the country’s financial collapse. After escaping house arrest in Moldova, Şor acquired Russian citizenship.
He…
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Publish date : 2025-06-28 14:31:00
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