Finally, high-value crypto transactions will be under Sanctions on Russia: EU

The officials in the European Union Council agreed with the restrictions on crypto transactions as a part of financial Sanctions on Russia.

This is the 45th day of the Russia vs Ukraine war and still, war is going on between these two countries because no settlement has been made since the last meeting between officials of the two countries. To support Ukraine against Russia, the EU & US imposed Sanctions, to isolate Russia from the global trade economy. 

A few weeks ago, the EU proposed to bring provisions to include Crypto related services under the financial sanctions against Russia. 

On 8 April, The Council of the European Union agreed to restrict the high-value crypto transactions to/from Russian addresses. 

However, there are very rare chances for Russia to bypass the financial Sanctions with the use of cryptocurrencies but still such decisions by the EU against Russia to include the crypto-related activities are weird to some extent. 

A possible solution for Russia 

No doubt that everything depends upon time and work timing. Here in the present situation, Russia has no laws to use cryptocurrencies in payment options but if it can adopt Bitcoin or other Decentralized cryptocurrencies in the payment option then surely it will result in benefits. 

If here we will ignore the volatility in the value of Bitcoin, which keeps changing every second, and also the Russian government should consider Bitcoin as a currency instead of an asset then in that situation Russia can easily send and receive any amount of payment, without any involvement of exchange in any fiat like Ruble or US dollar, etc. 

Last month some Russian government officials proposed to adopt Bitcoin like Currencies to accept payments, to bypass the financial sanctions easily. But here these things needed to go through the drafted bill and further into real law, otherwise all these things always remain under suggestions only.

Read also: Crypto could outperform stock, says Bank of America chief