The sanctions against Russia coming from the European Union will also have an impact on cryptocurrencies, assures Bruno Le Maire. The French Minister of Economy explains that the European Union wants to prevent Bitcoin and other digital currencies from allowing Russia to circumvent sanctions.
Cryptocurrencies invite themselves into the Ukraine-Russia conflict
Speaking after a meeting with his European counterparts, Bruno Le Maire said that European Union sanctions against Russia had already “led to a disruption of the Russian financial system, in particular thanks to the withdrawal of the SWIFT payment system”. The European Union on Wednesday officially excluded seven Russian banks from this interbank messaging system as part of its sanctions for the invasion of Ukraine launched by Russia.
Bruno Le Maire reported a “wide consensus among member states that we cannot let cryptocurrencies circumvent the effectiveness of financial sanctions against Russia”. He adds : “We are going to study all the means that will allow us to prevent financial sanctions from being circumvented by cryptocurrencies”. The minister also pointed out that member states of the European Union must study a report by the European Central Bank (ECB) on the subject before defining the exact measures that will be taken.
The French Minister reiterated that in his view, the main risk associated with these sanctions for the European economy was that of inflation.