Ukraine has declared “sanctions and other solutions” to stop unwanted cryptocurrency transfers from Russia.
Vladyslav Vlasiuk, advisor to the Ukrainian president, announced that the country is preparing sanctions and other measures to prevent Russia from using cryptocurrencies like Bitcoin for international payments.
Russia began using cryptocurrencies for commercial purposes after Western sanctions made it more difficult to trade with countries like China and Turkey. Russian companies have started using Bitcoin and other digital currencies to circumvent these restrictions.
In response, Ukraine, which was one of the first countries to express concern about Russia using cryptocurrencies for payments, is now working on solutions to prevent this from happening. Vlasiuk confirmed that Ukraine is developing sanctions and other actions to block these unwanted cryptocurrency transactions.
Meanwhile, Russia has taken steps to legalize cryptocurrency mining, including Bitcoin. They passed a law allowing cryptocurrency mining and taxing profits from mining and digital currency transactions. The move is part of Russia’s efforts to use cryptocurrencies for international trade while avoiding Western sanctions.
In summary, Ukraine is preparing to block Russia’s use of cryptocurrencies for payments, while Russia legalizes mining and uses digital currencies to circumvent sanctions.
Also read: Russia bans crypto mining in 10 regions of the country
