Russian Regulator Crypto Sanctions Are a Form of Digital Fascism
Categories: Crypto News
Russian Regulator:Crypto Sanctions Are a Form of Digital Fascism
One ofRussia's top regulators thinks that the crypto-related sanctions that have beenimposed on the country and its citizens are a type of "digitalfascism."
The commentscome in the wake of the European Union's latest package of sanctions on Russia,which includes a total ban on all Russian cross-border crypto payments tothe EU. The EU had previously sought to place limits on the worth of cryptotransactions made to Russian crypto wallets, but earlier this monthstated that it wanted to go a step further.
But, Ivestiareported, Ros fin monitoring, an anti money-laundering regulator founded byPresident Vladimir Putin, has hit out at the sanctions. As well as calling theman example of "digital fascism," Herman Negliad, the nation'sSecretary of State and the Deputy Director of Rosfinmonitoring, told a legalforum on October 20 that Russia would "bypass" the EU'scrypto-related sanctions.
Negliadadded that the government would "provide businesses with the ability tocarry out cross-border settlements." He added that Moscow was ready tohelp traders, and would "provide" them with "assistance"that makes use of "cryptocurrencies, the digital ruble, or a hybrid ofthese forms [of payment]."
RussianGovernment Thinks Nation Can Dodge Crypto Sanctions
The Ministryof Finance has also commented on the matter, stating that it did not think any Russiancrypto wallets would be threatened by the latest EU move. The ministry haspreviously claimed that crypto has a role to play in international trade.
The nationis thought to be fast-tracking its central bank digital currency rollout indirect response to Western sanctions, and the finance ministry and the CentralBank have indicated that trading firms are effectively free to conduct theirbusiness in crypto if necessary.
Even priorto the conflict with Ukraine, Moscow officials were speaking openly about theneed to purge the Russian economy of its reliance on the USD – and spoke of theforthcoming digital ruble's role in this effort.
AnatolyAksakov, the Chairman of the State Duma's Committee on Financial Markets andthe architect of Russia's crypto-related legislation, also poured scorn on thelatest EU crypto-related sanctions.