EU plans to ban all cryptocurrency transactions with Russia, - FT
The European Union is considering imposing a complete ban on cryptocurrency transactions with Russia.
According to Censor.NET, this is stated in an internal document of the European Commission, which was reviewed by the Financial Times.
Brussels believes that the current restrictions against certain crypto platforms are not having the desired effect. According to the European Commission, Russia is using digital assets to circumvent sanctions and finance the war against Ukraine.
Strengthening control over the Russian crypto market
The EU is proposing to ban any ties with Russian crypto asset providers. The restrictions may also extend to digital currency exchange and transfer platforms.
The aim of these measures is to block alternative financial channels that allow Russia to make external payments. The European Commission emphasizes that cryptocurrencies are increasingly being used to purchase military goods.
"We see the need for a complete severance of cryptocurrency ties with Russia for the sanctions to be effective," says one of the working documents of the European Commission.
Sanctions policy and market situation
Last year, the EU already introduced the 19th package of sanctions, which partially restricted cryptocurrency transactions with Russia. However, Brussels now recognizes that these measures are insufficient.
European Commission President Ursula von der Leyen previously presented a draft of the 20th sanctions package. It provides for tighter restrictions in the financial sector, energy, and trade.
Against the backdrop of sanctions discussions, the global cryptocurrency market is showing a decline. The total market capitalization of cryptocurrencies has decreased by almost $468 billion since the end of January.
Bitcoin fell to around $75,000 yesterday. This was the lowest level in recent months.
Experts note that increased regulatory pressure could further impact the digital asset market. At the same time, the EU emphasizes that the priority remains the security and effectiveness of sanctions.
- Earlier, it was reported that due to the fall of Bitcoin, the cryptocurrency market has already lost $2 trillion.
