EU May Ban Crypto Payments For Russians

New EU sanctions against Russia could completely ban crypto payments to European wallets. This is an attempt to control Russia’s circumvention when conducting global transactions.

According to Coindesk, the European Union will likely tighten up on Russian crypto investments in response to “spoof” votes being held in Russian-occupied regions of Ukraine.

Previously, analysts have raised many concerns about Russia’s ability to use crypto to circumvent economic sanctions after a series of “non-military” missions that Russia did in Ukraine. The EU has since continuously discussed measures to purge Russia.

In order to prevent Russia from conducting global transactions with digital assets, especially since the sector is not subject to any control from central banks, the EU has set a threshold for Russian payments at 10,000 euros ($9,600). But this holding limit will most likely be removed, meaning Russians from here will not be able to hold any assets in crypto wallets in the EU.

It seems that tensions between Russia, the United States and the European Union are becoming more apparent than ever. The proof is that since being excluded from SWIFT as well as being under increasing pressure globally, the number of wallet addresses holding more than 1,000 Bitcoins has spiked, coinciding with the time of Bitcoin transaction volume peaked in Russia. The severe devaluation of the Russian ruble is also an incentive for people to flee to crypto.

But full details have yet to be released, as EU member states are still subject to the agreement. Coin68 will soon update in the upcoming article.

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