The Swiss government has said it will freeze Russian cryptocurrency assets within its borders, Bitcoinist reported.
This will include those held by corporations and billionaires, according to information released Saturday, March 5. The finance minister said 223 Russian oligarchs and others close to Russian President Vladimir Putin had their bank accounts frozen.
The Swiss federal council said it wanted to match European Union sanctions imposed on Russia for invading Ukraine, but add a special clause for crypto assets, according to the report.
Meanwhile, China says it is continuing its crackdown on crypto speculation, another Bloomberg report noted.
Last year, the country carried out a comprehensive crackdown on crypto trade and mining and as a result bitcoin trade was only 10% of the global total, down from 90% before the Chinese restrictions.
Additionally, Japan’s financial regulator and cryptocurrency industry body have begun discussing how to effectively sanction Russia over the invasion of Ukraine, Bloomberg reported on Sunday (March 6).
The Financial Services Agency and the Japan Virtual and Crypto Assets Exchange Association have been looking for ways to block crypto transfers involving people and entities on the country’s sanctions list.
There is currently no proposal to close all access for Russian customers.
In other news, cryptocurrency scammers are turning their attention to Ukraine supporters, the Wall Street Journal wrote.
There are several schemes trying to trick donors into sending cryptos to scammers, under the guise of supporting the beleaguered country.
Meanwhile, South Korean crypto exchanges are banning Russian user IP addresses, a Coinspeaker report said on Friday (March 4).
Upbit, the largest crypto exchange in this country, said it does, along with others like Buthumb, Korbit, and Gopax.
In other crypto-related news, bitcoin’s value lost momentum last week after overbought conditions emerged, Coindesk wrote on Friday. The price seemed to stabilize around a support level of $37,000 to $40,000.
Meanwhile, power theft in Malaysia for crypto mining is a new issue that has seen more activity, according to a Bloomberg report.
Tenaga Nasional, the national utility, is proposing a special tariff for bitcoin mining operators to help contain the problem, as well as proposing that the Energy Commission encourage miners to apply for legal electricity supply.
Additionally, the sustainability of crypto as a safe haven is not holding up well after several digital alternatives to fiat were championed in the wake of Russia’s attacks on Ukraine, Bloomberg said.
Bitcoin surged last week and briefly topped $45,000 on speculation that Russians were investing in crypto to circumvent sanctions, which doesn’t seem to be happening yet.
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Today In Crypto: China Continues Repression – Tech Tribune France
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