Today the European Union announced its eighth package of sanctions against Russia over its war with Ukraine. Previously it banned crypto-asset wallets of more than €10,000, but that is now extended to a blanket ban. It applies to wallets, accounts and custody services.
The Russian government has been exploring skirting sanctions by enabling local businesses to transact with foreign companies using cryptocurrencies. One of the options being considered is to use stablecoins pegged to gold and other commodities. Tokens backed by real world assets are referred to as Digital Financial Assets (DFAs) and are already legal but have to be approved by the central bank. Only a handful of DFAs have been approved to date.
The Central Bank of Russia, like many global central banks, has a dislike of cryptocurrencies. But apparently, even the central bank is willing to contemplate cryptocurrencies for limited cross border use.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
