Ukraine Vows Sanctions Against Russia for Using Bitcoin in Trade
Ukraine is taking action against Russia’s use of Bitcoin in international trade by promising sanctions and other measures to prevent unwanted cryptocurrency payments. This decision comes after changes in Russian legislation allowed companies to use digital currencies for international transactions as a way to counter Western sanctions.
Vladyslav Vlasiuk, Advisor to the president of Ukraine and Commissioner for Sanctions Policy, emphasized the need for these actions, stating, “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.”
The use of sanctions has already had a significant impact on Russia’s trade with key partners like China and Türkiye, leading local banks to avoid transactions related to Russia to avoid falling under Western regulatory control. In response, Russia has turned to cryptocurrencies like Bitcoin for international trade and has even taken steps to legalize cryptocurrency mining.
The Russian State Duma has passed a law legalizing cryptocurrency mining in Russia, and President Vladimir Putin has signed a law on the taxation of income and expenses from digital currency mining and transactions. These developments highlight the complex relationship between cryptocurrencies, international trade, and geopolitical conflicts.
As the situation continues to evolve, it is crucial to monitor how these decisions will impact the economic landscape in the region. Stay tuned for further updates on this developing story.
