The European Union may ban Russians from paying crypto

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2022-10-04 09:33:46

Russians may be completely restricted from making payments via the European Union (EU) e-wallet when the organization imposes new sanctions.

As revealed by the newspaper Coindeskthe EU bloc intends to tighten up on Russian crypto investments, in response to a “fake” vote being carried out in the Russian-occupied part of Ukraine.

New EU sanctions against Russia could completely “ban” crypto payments to European wallets

Some time ago, analysts were concerned that Russia could potentially use crypto as an effective tool to circumvent economic sanctions. The proof is after a series of “non-military” missions that Russia blatantly went to in Ukraine. Since then, the EU has been continuously discussing strong measures against President Putin’s country.

Relate to: Pro-Russian groups receive $2.2 million in crypto support in Ukraine

In order to prevent Russia from conducting global transactions with digital assets, especially in the context that this market is not subject to any control from central banks, the European Union has set Russian payment is 10,000 euros (equivalent to 9,600 USD). However, this high-risk holding limit will also be removed. In other words, the EU does not allow Russians to hold any assets in crypto wallets in this region.

Ursula von der Leyen – President of the European Commission commented:

“The fake referendum being held in the occupied territories of Russia is an illegal attempt to acquire land and change international borders by force.”

Von der Leyen announced a price ceiling on Russian oil, a ban on exports of aviation goods and electronic components, and restrictions on imports of Russian goods. These tough measures will deprive the Russian economy of about 7 billion euros, she said.

It seems that tensions between Russia, the United States and the European Union are becoming more apparent than ever. The proof is that since being excluded from SWIFT as well as being under increasing pressure globally, the number of wallet addresses holding more than 1,000 Bitcoins has spiked, coinciding with the time when the Bitcoin transaction volume in Russia hit top. Besides, the serious devaluation of the Russian ruble is also an incentive for people to “flee” to use crypto.

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