Switzerland To Freeze Russian Crypto Assets

The economics sanctions against Russia continues. International community has imposed political and economical restrictions against Russia because of it’s aggression against neighbor Ukraine. The latest is, Switzerland has announced to impose sanctions on Russian Crypto assets in it’s country.

The Swiss federal government plans to freeze crypto assets held by Russian citizens and Businesses within it’s borders. The new sanctions are in addition to it’s previously imposed economics sanctions.

Switzerland is a safe haven to many illicit financial flows. It is often being cited for it’s protection against illicit flows from developing world.

Last week, around 223 Russian’s including close associates of President Vladimir Putin bank accounts and assets had been frozen by Switzerland.

European Union is also taking on the ability that Russia can escape sanctions by using Cryptocurrencies. Bruno Le Maire, the French Finance Minister said, “We are taking measures, in particular on cryptocurrencies or crypto assets which should not be used to circumvent the financial sanctions decided upon by the 27 EU countries”.

Is freezing Crypto assets a good sign for Crypto communities?

One of the many reasons behind the invention of Bitcoin was it’s “free from foreign influence”, be it political, economical or merely control. In the genesis block of Bitcoin Satoshi Nakamoto, the founder of Bitcoin was apparently hinting towards The Times article, “Chancellor on the brink of second bailout for banks”. This was indeed a signal towards how the system has failed the common folks.

After all, the purpose of Bitcoin was it’s free from influence nature. Although, that nature still remains intact but will be harmed by actions like these. This is something that many of the crypto developers have foreseen, which is why BitShares – The first decentralized exchange was built. There exist many decentralized exchange now but the FIAT gateways remains a pain point.

Let us know in the comment section what you think.

Original link: Your go to Crypto place