- The war between Russia and Ukraine has entered into subsequent eleventh day
- Recently financial entities Visa, Mastercard, and Paypal announced to suspend their operations in the country
- The steps taken by Coinbase can act as countermeasures for the solution of Russian crypto assets movement
Amidst the ongoing war between Russia and Ukraine, many western and European countries have put harsh sanctions on Russia. Following their plan of weakening the Russian economic front, efforts were also made to seize or freeze the bank accounts and assets belonging to Russia and Russian citizens.
To counter such monetary sanctions and freezing of assets of Russia, discussions were going on that maybe the Russian individuals could use digital assets to secure their assets and money outside the country. But it seems like moving capital outside the country may not be a piece of cake for Russian crypto owners.
In a blog post on 7 March, Coinbase declared that the firm is dedicated to following along with the sanctions, and in order to do so, it’s developing a worldwide sanction program in different layers. Further details go such that the exchange firm will block more than 25,000 Russian crypto wallets belonging to either Russian individuals or firms that are found to be engaged in criminal activities.
Coinbase stated that the firm blocked over 25,000 addresses of Russian individuals or entities they believed could be engaged in unethical and illicit activities. Many of them have been identified by doing their proactive investigations. Further, the exchange firms said they have also shared the data regarding illegal addresses of crypto with the government to support sanctions enforcement.
Further, Coinbase also mentioned that since transactions are open to the public, it provides unmatchable insight into transaction data that is permanent and traceable. Once recorded on the blockchain, the data about transactions stay immutable and unchangeable, which prevents bad actors from being saved from punitive actions after doing some illicit activities.
Coinbase blocking crypto wallets is another example of strict actions taken against Russia. Recently payment processor giant entities like PayPal, Visa, and MasterCard suspended their operations in Russia. Economic attacks can be fatal for Russia, yet there are no signs of war getting slow or going towards the end.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.