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European Commission: Sanctions for Russia and Belarus also include crypto

 


The European Commission has clarified that the sanctions against Russia and Belarus would also include crypto assets.


In a statement on Wednesday , the European Commission said member states had agreed to amend the regulation to "ensure even more effectively that Russian sanctions cannot be circumvented, including via Belarus". The commission said that crypto-assets would fall under the notion of "transferable securities". She also said that loans and credits made using cryptocurrencies are also not eligible under these measures.


The expansion of sanctions follows a February Commission announcement that said several Russian banks would be banned from the SWIFT payments system . At that time, no information was given on how to deal with cryptocurrencies. The European Parliament's Committee on Economic and Monetary Affairs is also preparing a vote on a regulatory framework for crypto assets in the EU, to be held on March 14.


The United States and the European Union have signaled they will monitor and verify whether Russia is using digital currencies to circumvent sanctions. On Wednesday , US President Joe Biden signed an executive order requiring government agencies to coordinate on a national framework for cryptocurrencies. It is also to be examined whether one could introduce a digital central bank currency. The highest priority in this regulation is the enforcement of sanctions.


In addition to governments, private companies such as fast-food giant McDonald's and credit card companies such as Visa and Mastercard have also taken action in response to the situation in Ukraine. They are reducing or completely terminating their activities in Russia and Belarus. Crypto exchange Binance said on Tuesday that it could no longer accept payments made with cards issued in Russia due to actions taken by credit card companies.

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