The Russian invasion of Ukraine is being discussed globally. The whole world has condemned this Russian act and is keeping an eye on the situation. The international media is covering this issue. The Financial Times released a report on Friday in which it was stated that the federal government of Switzerland is planning to block cryptocurrency assets of Russian citizens and businesses that are held within Swiss premises.
According to a Financial Times report, Finance Minister Guy Parmelin said that the Swiss government had blocked the physical assets and bank accounts owned by 223 Russians in the previous week. Some of these accounts and assets belong to close friends of President Vladimir Putin. The crypto ban on Russia is an additional step taken by the Swiss government beyond the sanctions of the European Union.
One of the senior officials of the finance ministry told the Financial Times in an interview that the Swiss government decided to impose a ban on cryptocurrency assets because the integrity of its blockchain business is dear to it. That’s why the Swiss government took this step. CV VC is a Swiss-based venture capitalist company. It released a report in which it is stated that nearly 1128 blockchain firms called Swiss or adjoining principality Liechtenstein house as of Dec. 2021.
When Russia attacked Ukraine, the European Union decided to impose sanctions on Russia. This freeze by the Swiss will coincide with EU sanctions. The European Union is taking whole matter minutely and keeping an eye on all aspects. After realizing that Russia can use crypto to avoid any kind of economic sanctions, the EU decided to tackle the Russian ability to use crypto.
Finance Minister of France Bruno Le Maire told in an interview that they are taking steps, especially on digital currencies or cryptocurrency assets. These cryptocurrencies must not be practiced to evade the economic sanctions imposed by the 27 European Union nations.
The exchanges like Coinbase and Binance demanded restrictions on Russian access to crypto assets have highlighted the borderless nature of digital assets. Although the exchanges may block or restrict access to the crypto assets, this is also a reality the cryptocurrencies that are kept in self wallet or cold storage can’t be seized. It only can happen when users use restricted channels for moving it.
The official told in an interview with FT it is very difficult to identify if the users have their key, wherever the users are. Additionally, he said that they could find out; if they use services like funds, exchange, etc.
