Following this request by Ukraine's Deputy Prime Minister and Minister of Technological Innovation Mykhailo Fedorov, the Estonian Prime Minister has for the first time specifically called for restrictions on cryptocurrencies to prevent Russia from using them to circumvent sanctions.
Estonia, Cryptocurrencies and Russian Sanctions
Estonian Prime Minister Kajakaras, in a meeting with U.S. Secretary of State Anthony Blinken, called for restrictions on cryptocurrency transfers to prevent the Russians from circumventing financial sanctions imposed by the international community after the Ukraine attack.
“Our focus must be to completely isolate Russia from the free world,”
Karas said reiterated the need to block access to cash and cryptocurrency transfers for Russians and Belarusians.
President Eström's statement comes just hours after President Biden issued an executive order on cryptocurrencies.
The decision has sparked enthusiasm in the cryptocurrency world, as it shows that the United States is also considering precise regulation and is also assessing the possible impact of introducing digital dollars.
Karas later spoke about the conflict in an interview with Bloomberg, accusing Putin of wanting to go all out in the military campaign in Ukraine.
“They want to do as much damage as possible. In my opinion, as far as betting is concerned, Putin has given it his all – so he’s either going to win or lose. Therefore, it’s everyone’s responsibility to make sure Putin doesn’t win this war.”
Meanwhile, the Estonian president may be one of the possible next targets for Russia under Putin, according to some observers, who also reiterated the difficulty of imposing sanctions that affect energy supplies, especially for countries, such as Italy, that are severely undersupplied with energy. depend on Russia for gas and oil.
“What we have to understand is that different European countries are dependent on energy to different degrees. On the one hand, “of course we want to hurt Putin’s war machine and deprive him of income”, but on the other hand our public must also support the decisions taken.”
Estonia is working on new cryptocurrency regulation Estonia's cryptocurrency regulation
On the other hand, the Estonian government has been working since January of this year to quickly approve precise regulations for the cryptocurrency world. The new regulations are aimed at businesses that offer digital asset services in the country.
In addition to eliminating anonymity and traceability of transactions, the new rules should also limit the granting of new licenses, for example by increasing the applicant's share capital, which must be at least €125,000 compared to the current threshold. 12,000 euros.
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