Home
Cryptocurrency
Cryptocurrency News
EU Checking if Crypto Assets Being Used to Bust Russian Sanctions, Senior Official Says

EU Checking if Crypto Assets Being Used to Bust Russian Sanctions, Senior Official Says

Binance has already blocked accounts of Russian clients targeted by sanctions.

By Reuters | Updated: 3 March 2022 18:54 IST

EU Checking if Crypto Assets Being Used to Bust Russian Sanctions, Senior Official Says

Trading volumes between the Rouble and the Tether cryptocurrency spiked on Monday

Click Here to Add Gadgets360 As A Trusted Source

Highlights

EC is studying if cryptoassets are used to get round financial sanctions
Binance has blocked accounts of any Russian clients
EU knows cryptoassets "possible circumvention route" to avoid sanctions

The European Commission is studying whether cryptoassets are being used to get round financial sanctions imposed on Russian banks following the country's invasion of Ukraine, a senior European Union official said on Wednesday.

Trading volumes between the Russian Rouble and the Tether cryptocurrency spiked on Monday as the local currency tumbled to a record low on Western sanctions. Tether price in India as of 6:18pm IST on March 3 stood at Rs. 78.98.

Crypto-exchange Binance has, however, blocked accounts of any Russian clients targeted by sanctions.

Anonymous Offers $52,000 in Bitcoin for Each Surrendered Russian Tank

A senior EU official said the EU is aware that cryptoassets were a "possible circumvention route" to avoid sanctions imposed by the bloc and other western powers.

The EU's executive European Commission has been reading reports in the press on cryptoassets and has also received information directly, the official said.

"The increase in value of some of these assets maybe a response to attempts to circumvent the sanctions. We are looking into this, but no decision has been taken," the EU official said.

Gaana CEO and Spotify's India chief join us on Orbital, the Gadgets 360 podcast, to discuss India's unique music streaming landscape. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.