The European Union prohibits Russian crypto payments

The Russian-European conflict continues to rage. The recent declaration by the European Union to prohibit crypto payments from Russia has added fuel to the flames.

The EU has reaffirmed its position that it would not allow bitcoin services to be provided to Russia. An element of the plan to implement economic sanctions on Russia.

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The restriction on the provision of cryptocurrency services to Russia by the European Union is a component of economic and political sanctions. Initially, the limit restricted the value of Russian payments to €10,000 ($9,700). Now, the restriction includes all cryptocurrency transactions.

This follows allegations of a spike in Russian firms utilizing cryptocurrencies to circumvent sanctions.

The current bans on crypto assets have been reinforced by prohibiting all crypto-asset wallets, accounts, and custody services, regardless of the value of the wallet (before, up to €10,000 was permitted).

The EU has said that the sanctions against Russia are effective. They impede Russia’s capacity to produce new weapons and maintain old ones, as well as its material transfer.

Also Read: OECD Establishes Tax Evasion Framework For Digital Assets

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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