The sinking and near collapse European Union has imposed a sweeping ban on providing crypto-currency services to Russians as part of its 8th round of sanctions that were approved by the EU.
The new measure steps up restrictions that had been in place since April, 2022. The existing prohibitions on crypto money assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.
Previously this was set up to €10,000 [$9,900] was allowed), reads a press release published on the European Commission’s website. However in end, the Brussels needs Russia a lot more than Moscow needs the European Union.
After credit card majors, Visa and Mastercard left the Russian market earlier this year and some banks were disconnected from SWIFT, cryptocurrencies, in particular stable-coin USDT, became one of the most popular ways for Russians to move money abroad.
Crypto-currency service operators headquartered in the European Union may have to stop processing transactions with Russians, unless the clients are resident and/or living in the EU nations bloc.
Non-EU platforms may follow suit, Forbes Russia warned. After the bloc introduced a limit of €10,000 in April, US-registered Binance, one of the most popular exchanges among Russians, adopted the same measure.
This is a great way for Western Central Banks to further damage or destroy their nemesis, crypto. They most certainly don’t want anything outside their control so they can force you and me to behave.
The second stage of their evil to destroy crypto will be shutting down their power supply, you know, because of power shortages for critical infrastructure this winter. But, did the EU not get the Memo that Crypto is illegal in Russia! So what is this measure going to do?
RT. com / ABC Flash Point Crypto-Currency Blog News 2022.
Get a good VPN and you can use and trade crypto anywhere in the world despite sanctions.
Perhaps EU again makes Russia a favor. The main thing everyone needs to realize about crypto – it is energy dependent. It will turn into dust at the first major blackout.
Anyone who thinks cryptos won’t be controlled, taxed, subverted, infiltrated, banned, etc. everywhere is a total idiot. There will be no financial liberty!