The EU has imposed a complete ban on cross-border cryptocurrency payments to Russia

The EU has imposed a complete ban on cross-border cryptocurrency payments to Russia ...

In the midst of ongoing geo-political conflicts, Russia engaged in a comprehensive military strike against Ukraine, which was imposed on President Vladimir Putin. However, several nations around the world have imposed sanctions, preventing Russia from accessing funds from overseeing accounts that might have added additional fuel to the fire.

In a official statement, the EU said that prohibiting cryptocurrency assets has been reduced by prohibiting all crypto-asset wallets, accounts, and custody services.

This eighth phase of sanctions against Russia intends to deprive Russian military and industries of important components, according to the EU regulators.

The EU''s decision comes just days after the Russian government authorized the use of virtual digital assets for cross-border payments.

In September, Russian Vice President Alexei Moiseev said the central bank had agreed to allow Russians to send and receive cross-border payments through crypto.

A measure in this section has already been signed by the Central Bank on the output... It explains how to purchase cryptocurrency, what can be done with it, and how it can or cannot be settled with it in the first place in cross-border settlements, according to Moiseev at the time.

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According to Russia''s Finance Ministry, the country''s approach to cryptocurrency will remain relaxed, as the infrastructure they intend to invest is too rigid for crypto.

Rosfinmonitoring, Russia''s financial monitoring agency, said in July that it used software to track cryptocurrency transactions in hopes of improving its capabilities.

Despite its strict oversight over the crypto sector, the country is also protecting Russian residents from financial risks.

This week in the same week, Russia''s Roskomnadzor media monitoring agency claims that the website of OKX crypto exchange has sparked fraudulent financial information and exposed people to financial dangers.

The OKX website has been deactivated. Established in China in 2017, OKX has now a subsidiary in Seychelles.