The European Union (EU) doubled down on previous sanctions against Russia which limited bitcoin and cryptocurrency transactions resulting in an outright ban against all transactions, per a statement from the European Commission.
“The Commission welcomes the Council's adoption of an eighth package of hard-hitting sanctions against Russia for its aggression against Ukraine,” reads the statement.
All bitcoin and cryptocurrency wallets, accounts and custody services in Russia are hereby banned. Previously, transactions were limited to 10,000 ($9,900).
The ban comes on the heels of recent news from Russia, where its Ministry of Finance announced the country’s intentions to allow any industry to accept bitcoin and cryptocurrency for international trade. Last month, Russian Deputy Finance Minister Alexei Moiseev stated that "there is no way to do without cross-border settlements in cryptocurrency."
Russia’s need to transact in bitcoin and cryptocurrency has stemmed from a continuing...
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