The EU has imposed a ban on “all cryptocurrency wallets” for residents of Russia.
According to the European Union, as part of the eighth package of sanctions approved by representatives of 27 member states of this association, a ban on “all cryptocurrency wallets, accounts, as well as storage services for such assets, regardless of the amount of money” is introduced against individuals and legal entities from Russia. Previously, as recalled in the EU, such bans had already been introduced, but only when the amount of crypto-assets exceeds 10 thousand euro equivalent.
In the State Duma the Chairman of the Committee on Financial Market commented on the new decision of the European Union. As stated Anatoly Aksakov:
“Similar decisions have been taken before. Closed the official representative offices of their crypto exchanges in Russia, but de facto nothing has changed. There’s an office there in virtual space, not at some address in Moscow or Cheboksary. Accordingly, people can use this office when they are in Russia, China, or America. All of these solutions are easily circumvented. Moreover, these limitations stimulate the development of modern technology. Next year will be the year of digital financial assets in Russia, you’ll see.
Recall that in Russia the process of finding a common denominator in the proposed approaches to the regulation of cryptocurrencies, the views of the Ministry of Finance and the Central Bank of Russia continue differ. Due to sanctions and significant restrictions on the use of Western financial infrastructure in the foreign market, the possibility of using cryptocurrencies in export and import transactions is increasingly discussed, but so far there is no unified official opinion among regulators on this topic.