EU crackdown: The Russo-European war is still raging. The European Union’s recent move to ban Russian cryptocurrency payments has added fuel to the fire.
The European Union has confirmed its decision to ban cryptocurrency services for Russia. This is part of a plan to curb and impose economic restrictions on Russia.
Referendum in Ukraine
A referendum is underway on citizens in Ukraine’s eastern Donetsk region to see if they want independence from Ukraine. Just three hours after the polls concluded, the results were released, which raised doubts about the authenticity of the process. The results are not independently verified by any other organization.
The consensus was that the referendum was a “disturbance”. The European Union’s ban on cryptocurrency services against Russia is part of economic and political sanctions. Initially, the ban limited Russian payments to €10,000 (€9,700). Currently, the ban extends to all payments in cryptocurrencies.
This comes after reports that there has been an increase in Russian businesses using cryptocurrencies in response to existing sanctions.
EU strengthens sanctions against Russia
A European Union statement said, “The current bans on crypto assets have been tightened by banning all wallets, accounts, or custody services of crypto assets, regardless of the number of wallets (previously allowing up to €10,000).
“This limits the services provided to the Russian government or legal entities established in Russia: these services now include information technology consulting, legal advice, architecture and technical services. These are important because they will likely undermine Russia’s industrial potential as it relies heavily on the import of these services.”
The EU says sanctions against Russia are working. “They are hurting Russia’s ability to produce new weapons and repair existing ones, as well as hindering the movement of Russian materials.”