FTX exchange CEO says Russia never tries to move money through crypto: Decrypt

FTX exchange CEO shared his stance in favour of crypto adoption against the questions of environmental impact because of carbon emission & illegal use of Cryptocurrencies.

Recently a one-on-one discussion took place between philosopher Peter Singer and leading crypto exchange FTX CEO Sam Bankman-Fried. The discussion was moving around the topic of environmental impact because of the blockchain industry and Russia to invade the financial sanctions with the use of Cryptocurrencies.

Singer raised questions on the increasing environmental issues because of the crypto & blockchain issues. On this FTX CEO said that traditional Cryptocurrencies like Ethereum and Bitcoin are responsible for huge energy consumption for each transaction and also we need to work to lower Down the carbon emission. 

Sam said that the industry is evolving and now the latest Proof-of-stake Consensus-based Blockchain network can facilitate transactions with almost zero environmental impact.

“We sort of have to end up living in a world where most of that scaling is happening through proof-of-stake systems.”

FTX CEO also added:

“I think one of the most fortunate things is that that’s going to have to happen anyway. For economic reasons, there’s a lot of economic pressure to fix this.”

Singer also asked about the possibilities of Russia to bypass the financial Sanctions with the help of Cryptocurrencies. On this Sam said that he had never seen in the past where Russia tried to transfer money with the use of Cryptocurrencies. And also said that he is himself surprised that Russia still never decided for the same. 

“We haven’t seen any attempts from Russia to move money through crypto. It is a little bit surprising to me the extent to which we haven’t seen that.”

However, the question by Peter was to figure out the possibilities of money laundering or illegal funding possibilities with the use of Cryptocurrencies. But surely here the opinion of the FTX CEO revoked all doubts of Singer.

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