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Financial Sanctions on Russia will include crypto: EU

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The European Union confirmed that its financial Sanctions on Russia will also include the crypto and crypto industries so that Russia can’t invade such imposed sanctions. 

In the present time, Russia vs Ukraine fight has been going on since 14 days. In this war between two countries, Ukraine is facing huge losses in terms of almost every factor. To slow down the invasions of the Russian military against Ukraine, the EU & US imposed financial sanctions, so that Russia can understand this situation and try to end its activities against Russia. 

On 9 March, The European Union published its official statements about the inclusion of crypto under the financial sanctions imposed on Russia.

EU stated that Cryptocurrencies are under the category of Securities assets, so cryptocurrencies will also undergo the financial provisions. 

“crypto-assets fall under the scope of transferable securities.”

The statement also noted that digital assets can process loans and credit easily so these are also part of the financial system.

Earlier this last week, many officials of the EU & Finance Minister of the EU discussed the possibilities of crypto use by Russia to bypass the financial sanctions. 

Crypto exchanges under partial decision against Russia 

The recent two weeks showed that the majority of the crypto exchanges confirmed that they are not interested in banning the crypto users of Russia because imposing a ban on the crypto accounts is totally against the rules.

The majority of the CEOs clearly stated that they are not going to ban users because the crypto ecosystem is a basic financial system, which is the right of every person. 

However, the majority of the crypto exchange accepted the proposal to block the particular numbers of users, whose IP addresses have been provided by the government agencies. 

On the other hand, many companies (non crypto) directly announced to halt their services for/from/in Russia. These companies include Visa, MasterCard, Google, Revolut, Adobe, Apple, etc. 

Read also: Wazirx founder explains how India is hitting hammer on its own feet

Financial Sanctions on Russia will include crypto: EU


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