The new cryptocurrency sanctions will work, like the previous ban on transactions with accounts with a balance above €10,000, Ilya Rusyaev, founder of Rusyaev Solutions, told Izvestia on October 7.
“At that time, the possibility of withdrawing funds remained, but not other operations. The situation will be the same this time, only with all accounts on exchanges registered in the European Union (EU),” he explained.
The expert clarified that at the legislative level, the ban will primarily affect exchanges such as Coinbase, Kraken, Locakbitcoins, FTX, since they were already blocked in the first wave of restrictions.
“Technologically, this ban cannot be implemented for cold wallets,” he said.
Rusyaev noted that Russians should first of all withdraw funds from exchanges to separate non-exchange wallets. According to him, even if it is forbidden by law to keep crypto assets in the territory of the EU countries, it will still be possible to physically own cryptocurrency.
In addition, loopholes will remain in order to exchange crypto assets even after the complete blocking of the exchanges of Russian citizens, but it will be more difficult to sell and buy crypto, he added.
“Exchange is not the same as crypto. That is, if you have X ether coins on your MetaMask wallet, they will not be blocked for you. Exchanges may block your account for exchange. But in any case, cold wallets will remain only yours, no one can pick them up just like that, ”the expert clarified.
At the same time, he stressed that DEX platforms are not subject to sanctions, users from the Russian Federation are already using them mainly for storage.
“We were given time to prepare, so I think the ban will not be sensitive,” Rusyaev concluded.
On the eve of the EU adopted the eighth package of anti-Russian sanctions. A ban on servicing crypto assets of citizens of the Russian Federation has been introduced. An employee of one of the crypto-currency companies told Izvestiya that the ban on European crypto-currency services to do business with Russians can only be observed by those organizations that identify the client, in particular, these are centralized crypto-exchanges.
Western countries continue to introduce restrictions against the Russian Federation against the backdrop of a special operation to protect Donbass, which Russian President Vladimir Putin announced on February 24. The decision was made due to the deteriorating situation in the region due to shelling by the Ukrainian military.
For more up-to-date videos and details about the situation in Donbass, watch the Izvestia TV channel.
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