European Union Blocks Ruble Stablecoin A7A5 Tied to Sanctioned Russian Bank
- EU to ban ruble-backed A7A5 stablecoin on Nov. 25 to block Russian crypto transaction routes.
- A7A5 linked to Promsvyazbank and Ilan Shor handled $68B in transactions before new sanctions.
- Ruble-backed flows form only 2.37% of EU Bitcoin trades, limiting impact on crypto liquidity.
The European Union is preparing to ban the trading and use of A7A5, a Ruble-backed stablecoin with ties to Russia’s sanctioned Promsvyazbank (PSB). Effective November 25, the EU A7A5 stablecoin ban aims to shut down a significant pathway used to convert Russian Rubles into cryptocurrency and move funds, potentially circumventing existing sanctions.
The move prohibits EU-based financial institutions and Virtual Asset Service Providers (VASPs) from handling transactions involving the A7 token, issued by payment firm A7.
Why the EU Moves to Ban Ruble Stablecoin A7A5 on Nov 25
The ban…
Read The Full Article European Union Blocks Ruble Stablecoin A7A5 Tied to Sanctioned Russian Bank On Coin Edition.
Read More
Revolut Gains European Crypto License, Prepares Major Platform Upgrade
Federal Reserve Weighs New “Payment Accounts” So Crypto and Fintech Can Tap Its Payment Rails
European Union Blocks Ruble Stablecoin A7A5 Tied to Sanctioned Russian Bank
- EU to ban ruble-backed A7A5 stablecoin on Nov. 25 to block Russian crypto transaction routes.
- A7A5 linked to Promsvyazbank and Ilan Shor handled $68B in transactions before new sanctions.
- Ruble-backed flows form only 2.37% of EU Bitcoin trades, limiting impact on crypto liquidity.
The European Union is preparing to ban the trading and use of A7A5, a Ruble-backed stablecoin with ties to Russia’s sanctioned Promsvyazbank (PSB). Effective November 25, the EU A7A5 stablecoin ban aims to shut down a significant pathway used to convert Russian Rubles into cryptocurrency and move funds, potentially circumventing existing sanctions.
The move prohibits EU-based financial institutions and Virtual Asset Service Providers (VASPs) from handling transactions involving the A7 token, issued by payment firm A7.
Why the EU Moves to Ban Ruble Stablecoin A7A5 on Nov 25
The ban…
Read The Full Article European Union Blocks Ruble Stablecoin A7A5 Tied to Sanctioned Russian Bank On Coin Edition.
Read More
Revolut Gains European Crypto License, Prepares Major Platform Upgrade