Cryptocurrency News

Russia’s Crypto Assets to be Frozen by Switzerland

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According to several news reports, the Swiss federal government plans to take Russian owned cryptocurrencies, including those owned by corporations and billionaires, within its borders. Last week, Ignazio Cassis, president of the Swiss Confederation, said that Switzerland would almost probably join the EU in blaming Russia and banning the cryptocurrencies in the whole nation.

Switzerland has blocked the bank accounts and physical assets of 223 Russians, including numerous personal friends and colleagues of Vladimir Putin, according to Swiss Finance Minister Guy Parmelin.

Cryptocurrencies in Russia Declined

Securing Switzerland’s blockchain industry should be a top priority for the country’s Finance Ministry, a senior official says. CV VC, a Swiss venture capital firm, estimates that 1,128 blockchain companies will call Switzerland or Liechtenstein home in December 2021.

Bitcoin And Others Dipped Today

From 42.44 % to 39.047.24 dollars, Bitcoin’s market share dropped on Saturday. Investors’ interest in Bitcoin and other cryptocurrencies began to wane following Russia’s military assault in Ukraine. After a 4.72% decline from its previous peak, the coin traded at $41,400. Ethereum, the second-most valued cryptocurrency, dropped 6.18 % to $2,730 as of this writing.

XRP was down 3.65%, Solana was down 7%, Avalanche was down 5%, Cardano was down 5%, Polkadot was down 4%, and Stellar was down 5%, amongst other well-known coins. Dogecoin was down 5%, Polygon was down 4%, and Shiba Inu was down 4%. According to CoinMarketCap, Bitcoin’s market value declined by 4.50 % to $1.75 trillion, while trade volume fell by 3.43 % to $83.23 billion.

Approval for China’s Digital Yuan Trials

Additionally, China’s central bank is testing the digital yuan (the country’s digital currency), and it is nearly certain that the country will allow trials to take place. Cryptocurrency and digital assets’ potential functions have been pushed into sharp focus in light of the economic sanctions against Russia.

It is already visible to us that this year will go down in history as a tidal year in the whole history of the Chinese economy, as evidenced by record exports and an unprecedented rush of foreign investment into the country’s financial markets. 

According to some analysts, Russia’s invasion of Ukraine might result in a spike in demand for the Chinese yuan shortly due to the conflict. As a result of the current dispute, China may significantly increase the usage of its digital yuan on a global scale.

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