- The war between Russia and Ukraine has disrupted the world’s economic structure.
- The European Union is tightening its rules and regulations against Russia.
The war between Russia and Ukraine has plagued several countries and many countries around the world are facing shortages of gas, petrol and other fuels.
According to credible media sources, the European Union has suspended all crypto services to Russian entities as part of its eighth round of sanctions against Russia.
The official European Commission press release clearly emphasized that “the existing ban on crypto assets has been strengthened by banning all crypto wallets, accounts or custodial services, regardless of wallet value.” It has been.
The original limit, set in April 2022, would allow such services to serve Russian wallets holding €10,000 or less. This was done to discourage Russia from using cryptocurrencies to mitigate losses following sanctions from Western and European countries.
Steps are being taken to punish Russia for continuously invading Ukraine, promoting illegal war against Ukraine, and openly announcing that it would use nuclear weapons if the situation worsened.
Suspensions include IT consultancy, legal counsel, architecture, and engineering services for Russia and the Russian government. However, Russia is heavily dependent on imports for these services.
Additional bans come a day after the European Union finalizes some keys crypto regulation rule. Legislation was also passed, including a requirement that wallet providers must identify and verify users using their services.
After sanctions were imposed in February, US and European leaders quickly turned their attention to cryptocurrencies, fearing the growing industry could help Russia evade trade sanctions. I got
Bitcoin is the largest cryptocurrency in the crypto market. After the birth of cryptocurrencies, the popularity and use cases of traditional fintech markets declined and a large user base migrated to digital currency markets.
Since the start of the global pandemic, the crypto market has declined rapidly, with over 90% of digital currencies losing 50-70% of their original price.
August 8, 2022, coin republic The war between Russia and Ukraine is reportedly responsible for Turkey’s rising inflation over the past 24 years. Inflation began to rise in the fall, with the central bank cutting the lira’s policy rate by 500 basis points to his 14% in an easing cycle called for by President Recep Tayyip Erdogan.
After the war between Russia and Ukraine began, MoonPay, the world’s favorite crypto payment gateway, stopped all that. cipherWe provide services in Russia, Belarus and Ukraine.
According to some credible sources, Ukraine’s financial situation was not stable after the war began, so the Ukrainian government used cryptocurrencies to buy military expenses and other valuable commodities needed at the time. was using