According to the Office of the Prosecutor General of Ukraine, these crypto traders were converting cash and other assets of Russian citizens into cryptocurrencies. Criminal case will be tried against them in Ukraine. Apart from cash, assets like plots have also been seized from these traders. They have been charged with evasion of tax, laundering of property obtained from crime and indulging in forgery.
Due to the war, many countries including America imposed strict sanctions on Russia. Because of this, it has become difficult for Russia to get funds from abroad. Ukraine’s President Volodymyr Zelenskyy signed a virtual assets bill in March to raise funds. This gives cryptocurrencies legal status in Ukraine. Firms dealing with crypto exchanges and digital assets in Ukraine must register with the government to do business. Many Russian businessmen are using illegal means such as money laundering to evade sanctions.
Russia’s Central Bank (CBR) has decided to speed up the trial of the digital ruble due to sanctions. CBR previously planned to launch the digital ruble in 2024 but is now preparing to launch it next year. The trial of the digital ruble will begin with the use of smart contracts with real clients. CBR Vice President Olga Skorobogátova announced the speeding up of the trial of the digital ruble. The trial will also include testing of smart contracts. Smart contracts are computer programs written in code that allows automatic compliance without intermediaries of terms agreed upon between parties. CBR reported that it has started testing prototypes of the digital ruble created in collaboration with banks. Testing includes opening of digital wallets for the bank’s customers and transfers for the users.
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