Home News Cryptocurrency European Commission sanctions on Russia and Belarus will include cryptocurrencies

European Commission sanctions on Russia and Belarus will include cryptocurrencies

European Commission sanctions on Russia and Belarus will include cryptocurrencies

The European Commission has clarified that crypto assets will be subject to additional sanctions directed against Russia and Belarus in response to the military conflict in Ukraine.

In a statement on Wednesday, the European Commission said member states had agreed to amend the regulations with the aim of “even more effectively ensuring that Russian sanctions cannot be circumvented, including through Belarus.The Commission said that crypto assets fall under the scope of “transferable securities”, adding that loans and credits granted with crypto assets will not be allowed as part of these restrictive financial measures.

LThe extension of the sanctions comes after the Commission announced in February that it would withdraw several Russian banks from the SWIFT cross-border payment network, measures that at the time did not specify the handling of cryptocurrencies. The European Parliament’s Economic and Monetary Affairs Committee is also preparing to hold a vote on a regulatory framework for crypto assets in the EU on March 14.

So much The United States and the European Union have hinted that they may be looking at Russia using the digital currency to evade sanctions that some have described as “economic warfare.” On Wednesday, US President Joe Biden signed an executive order that will require government agencies to coordinate and consolidate policy on a national framework for cryptocurrencies.as well as exploring the possible deployment of a central bank digital currency; the order mentioned three times the risks of evading sanctions.

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In addition to the lawmakers’ action, private companies, from fast-food chain McDonald’s to major credit card companies, including Visa and Mastercard, have announced they will scale back their activities in Russia and Belarus or halt operations altogether. in both countries in response to the situation in Ukraine. Cryptocurrency exchange Binance also said on Tuesday that it will no longer be able to accept payments from the two major credit cards issued in Russia due to the companies’ decision.

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