Ukraine promises sanctions in response to Russia’s use of Bitcoin in international trade

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Ukraine has announced “sanctions and other solutions” to block Russia’s unwanted cryptocurrency payments.

Source: Vladyslav Vlasiuk, Advisor to the president of Ukraine and Commissioner for Sanctions Policy

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Details: Vlasiuk recalled that Russian companies started using Bitcoin and other digital currencies for international payments after changes in legislation allowed such transactions in order to counter Western sanctions.

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Quote from Vladyslav Vlasiuk: “Are we at all surprised? No, we were, without exaggeration, the first to draw our partners’ attention to such plans of the enemy back in the summer. Appropriate sanctions and other solutions to block the possibility of using unwanted cryptocurrency payments are already being prepared.”

Background:

• Sanctions have significantly disrupted Russia’s trade with key partners such as China and Türkiye. Local banks are avoiding transactions related to Russia to avoid falling under the control of Western regulators. In response, Russia has allowed the use of cryptocurrencies in international trade and has taken steps to legalise mining, including Bitcoin.
• The Russian State Duma has approved a law legalising cryptocurrency mining in Russia in the second and third readings.
• Vladimir Putin signed a law on taxation of income and expenses from digital currency mining and its purchase and sale.

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