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Russian companies may be prevented from using Bitcoin

Russian companies may be prevented from using Bitcoin

HappyCoinNews2024/12/28 13:44
By: HappyCoinNews
BTC+2.68%

Ukrainian Presidential Advisor Wants to Stop Russian Companies from Using Bitcoin and other cryptocurrencies as a means of payment.

Russian Finance Minister Anton Siluanov recently recognized , that Russian companies have begun to make international transactions in BTC and other digital assets to circumvent economic restrictions imposed, for example, by the governments of the United States and the European Union. Obviously, we are talking about paying for goods produced by Western companies in cryptocurrencies.

Russian companies may be prevented from using Bitcoin image 0

Anton Siluanov

In response to Siluanov's statements, adviser to Ukrainian President Volodymyr Zelensky and commissioner for sanctions policy Vladislav Vlasyuk promised to prevent the use of BTC and other virtual currencies by Russian legal entities by introducing sanctions and using other mechanisms.

Are we surprised? No, without any exaggeration, we were the first to let our partners know about such plans [of the Russians] in the summer. Suitable sanctions and other methods of blocking unwanted cryptocurrency payments are already being prepared, Vlasyuk said.

The Ukrainian publication that published Vladislav's words reported that Russian companies began using bitcoins and other cryptocurrencies after their key trading partners, China and Turkey, stopped working with them due to sanctions. Local banks are allegedly afraid to accept payments in fiat currency from Russia because they could be blacklisted for doing so. Transactions in digital assets do not fall under the scrutiny of regulators and, thanks to this, allow sanctions to be bypassed.

EN @happycoinnews
EN @happycoinnews_en
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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