After the European Union (EU) ordered 7 Russian banks to stop joint operations with SWIFT, they want cryptocurrency restrictions against the intruders implemented at an immediate rate.
Observations on crypto -related activity in Russia found stablecoin trading volume, Tether posted a spike on Monday as the ruble hit its lowest level following sanctions from the western region.
The line -up of EU finance ministers, including European central bank president Christine Lagarde and French finance minister Bruno Le Maire worries if the currency becomes Russia's choice to avoid sanctions
While not sure how they want to block access to cryptocurrencies in Russia, it is understood some cryptocurrency exchange platforms have already agreed to block certain accounts-whether owned by individuals or organizations.
Previously, the world’s major crypto exchange platforms: Binance and Kraken refused to do so but the directive focused on a few entities and there was no reason for them to deny the ban.
Lagarde explained that legislation against companies offering crypto services needs to be implemented so that no dealings with Russia continue.
In any case, the use of crypto assets may ‘help’ Russia to escape the recently implemented financial sanctions.
Even if it is actually implemented, will these restrictions also be able to cripple the central bank’s digital currency (CBDC) technology in Russia?
For the record, economists believe the application of the digital ruble will reshape the country’s economy.
It seems that this dispute will continue.
