Central Asian Nation's Crypto Boom Sparks International Alarm

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…