76
I’m asking all major crypto exchanges to block addresses of Russian users. It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users, Federov said.
The international community has been playing its part to place Russia under pressure to end the invasion of Ukraine. The US as well as countries in the European Union (EU) have moved to cripple Russia’s economy through several measures.
These include freezing the assets of Russia’s central banks, as well as kicking out Russian domestic banks for the international financial highway, SWIFT.
However, concerns have been raised that Russia’s government, banks, and billionaires can easily bypass these sanctions with crypto. This is especially as blockchain technology aims to be permissionless and neutral to situations like this.
Market pundits have noted that it is not unthinkable that Russia can easily develop tools to allow its trade using crypto. The CBDC Russia has been planning to launch could also help with sanction evasion if other countries agree to trade with it.
At the moment, no major crypto exchange has announced any plans to sanction Russia or Belarus. DMarkets, a Ukraine-based NFT marketplace, has been the only crypto exchange to respond to Federov’s call for action. The NFT marketplace announced that it would freeze the accounts of users from both countries and may even donate the asset to the war effort.
Bitcoin and altcoins still being swayed by the ongoing war
The crypto market has seen a massive drop in value since the ear broke out. Bitcoin is down 2.11% in the last week. It is changing hands at around $38,400, down 1.43% on the day.
Other cryptocurrencies have also seen significant drops in their value as more than $200 billion has been wiped off the crypto market cap. Market cap stands at $1.8 trillion, down 1.1% on the day.
However, crypto has been playing a significant role in assisting Ukraine. Donations made in crypto to assist Ukraine’s military and citizens have surpassed $18 million.
Key crypto market players have also rallied support for Ukraine. Vitalik Buterin has stated that he stands with Ukraine despite being a Russian. Similarly, Justin Sun, the founder of TRON, has made donations to the country.
Elon Musk, a staunch Dogecoin supporter, has assisted Ukraine with Starlink satellites to ensure that there is internet connectivity.
- Trending
- Price Analysis
- Acardex DeFi Platform Launches Much Awaited ACX Token Seed Sale On Cardano
- Novatar: The Trendiest NFT Avatar Launches Presale at 0.1 ETH
- China’s Digital Yuan Can Help Russia Bypass the SWIFT Sanctions, Here’s How
- Breaking: Major Crypto Exchanges Respond To Ukraine’s Call To Ban Crypto For Russians
- Ukrainians Buying Tether (USDT) at 5% Premium as Central Bank Shut Doors on Local Currency
- Graph (GRT) Flips MATIC To Becomes Most Traded Token By ETH Whales
- Russia-Ukraine Update: Over $5M in Bitcoin (BTC) Raised To Help Ukrainian Army
- All Eyes On Russia’s Crypto Shift As West Considers SWIFT Sanctions
- Largest ETH Whale Adds Another 49 Billion Shiba Inu Tokens; 40 Million SHIB Burned In Last 24 Hrs
- Just-In: Crypto Demand Skyrockets In Ukraine After Cash Transfer Suspension
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?
