EU Bans All Bitcoin & Crypto Wallets In New Sanction Against Russia!

EU Bans All Bitcoin & Crypto Wallets In New Sanction Against Russia! 

The European Union (EU) has recently recently announced the latest round of sanctions on Russia over its war against Ukraine, one of which includes cryptocurrency assets.

Crypto Sanction

Earlier this year in April, the EU’s original crypto sanctions placed on Russia were only to tighten and limit crypto payments to 10,000 euros (or around $9,900). However recently, the eight sanction package on Thursday was announced to include the total outright ban of all Bitcoin and cryptocurrency wallets and accounts in Russia.

The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet,” The EU said in their official statement.

Russia And Crypto

Since the beginning of their war against Ukraine, Russia have been utilizing the benefits of crypto after sanctions were put against them. 

Just earlier in September, the Russian Central Bank and Ministry of Finance announced their agreement on a bill to utilize crypto for cross-border settlements. Along with that, the Ministry of Finance also announced their intention to allow Bitcoin and other crypto to be used as payment for any industry.

That same month, Russian Deputy Finance Minister Alexei Moiseev explained the reason they had created the bill in order to provide more of the Russian people access to cryptocurrencies and crypto wallets. Moiseev also stated that the Russian government wants for less Russian citizens to have or open crypto wallets outside of Russia.

Related: SWIFT Announces The Success Of Its CBDC Network Trial!

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