EU bans providing 'high-value crypto-asset services' to Russia
Prohibiting crypto services was one of three financial measures the European Commission proposed in addition to an import ban on Russian coal. The Council of the European Union has cut Russians off from certain cryptocurrency services as part of a package of restrictive measures against Russian President Vladimir Putin’s “brutal aggression against Ukraine and its people.”In a Friday announcement, the EU council said it would be closing potential loopholes in using digital assets for Russian entities and individuals to evade sanctions with a “prohibition on providing high-value crypto-asset....
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European institutions are closing crypto loopholes for Russia with the latest package of penalties imposed by the EU over Moscow’s aggression against Ukraine. The new sanctions prohibit the provision of “high-value” crypto-asset services to Russian entities and residents.
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The Central Bank of Russia has released their view on cryptocurrencies like Bitcoin. We have earlier argued that Russia may outlaw the use of Bitcoin due to its strict monetary policy. It seems our presumption was correct as the press release from the Central Bank of Russia is hostile against the use of Bitcoin and other digital currencies. A Russian source has told us that the Central Bank's new stance on virtual currencies means that they have banned the use of it, affecting both their partners and customers. This will make it hard to operate both Bitcoin-exchanges and Bitcoin-businesses....
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