EU takes measures to prevent Russia from evading sanctions with crypto according to France’s Finance minister Bruno le Maire so let’s find out more today in our latest crypto news today.
The European Union will crackdown on Russia’s ability to evade economic sanctions using crypto as per France’s Finance Minister Bruno Le Maire who said:
“We are taking measures, in particular on cryptocurrencies or crypto assets which should not be used to circumvent the financial sanctions decided upon by the 27 EU countries.”
This is not the first time public officials raised concerns about Russia using crypto to evade sanctions. Amid the wake of Russia’s invasion of Ukraine, the Ukrainian VC Prime Minister called on crypto exchanges to ban Russian users. Earlier this week, even a few Democrats from Senate asked the Treasury Secretary Janet Yellen how the US will ensure that Russia can’t use crypto to evade sanctions. The Treasury Department released a new report that said the digital assets risk undermining the US sanctions regime is a cornerstone of American foreign policy:
“These technologies offer malign actors opportunities to hold and transfer funds outside the financial system. They also empower our adversaries seeking to build new financial and payment systems intended to diminish the dollar’s global role.”
The prevailing fear is that Russia can pivot to types of ransomware and use crypto to evade sanctions. According to Chainalysis, about 74% of the world’s global ransomware revenue in 2021 came from sources that are likely affiliated with Russia. The famous Moscow skyscraper Vostok houses a few cryptos-related businesses that process substantial transaction volume. Former FBI agent Crane Hassold said that crypto is the main factor driving today’s ransomware landscape:
“It essentially allows the overall ransomware payments that we’ve seen previously to scale to numbers that are pretty crazy.”
As recently reported, The markets in the crypto asset bill will provide a regulatory framework in Europe but a vote on the bill was delayed last week over the language concerning environmentally unsustainable consensus mechanisms so the language has now been removed. The EU lawmakers scrapped a section of a pending bill that can make it illegal for crypto services to deal with coins based on the PoW mechanism like BTC and ETH that mine new currency and secure their networks.
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