Following the recent collapse of the crypto-friendly Silicon Valley Bank (SVB) and Silvergate, some politicians have resorted to blaming crypto while some have called for an outright crypto ban.

Per a tweet, Johan Van Overtveldt, a member of the European Parliament and former Belgian finance minister, said cryptocurrencies should be prohibited, comparing the financial evolution to drugs. 

“Another lesson to be learned from the current banking commotion. Enforce a strict ban on cryptocurrencies. Speculative poison and no economic or social added value. If a government bans drugs, it should also ban cryptos.”

In response, Hoskinson sounded that the prevailing banking crisis is fueled by the central banks and politicians. He urged crypto investors to ignore the FUD and vote wisely when the time comes. 

“The central banks and politicians created this banking crisis, and now they are blaming crypto. Don’t fall for it, and keep a list to remember at the ballot box when election time comes,” he tweeted, telling his followers to “be a single issue crypto voter.”

PlanB, a pseudonymous crypto strategist, supported Hoskinson stressing that crypto is math and math cannot be banned. The Twitter handle responded to Johan Van Overtveldt’s comments by saying:

“Ban math.. why and how? I think the lesson we can learn from the current banking commotion (and the previous one in 2008) is that the (central) banks don’t really know what they’re doing with QE (quantitative easing), and have absolutely no idea what Bitcoin is.”

However, the crypto market continues to print many green candles amid the United States banking crises that have spread to the European market. 

Notably, a top European-based company Credit Suisse was compelled to borrow a whopping $53 billion from the Swiss National Bank lately after its shares recently hit a record low.

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The post Cardano’s Charles Hoskinson Blasts Politicians Calling for Crypto Ban as US Banks Tumble appeared first on Times Tabloid.

To curb Russia’s revenue, place restrictions on its export market as well as deprive the country of European expertise and services, the European Union council rolled out an 8-package sanction against Russia. This development is said to be closely coordinated with other international partners to ensure the desired impact. 

Per the update, the sanctions also aim at depriving the Russian military of accessing key components and technologies, war weapons, and other related equipment that could further strengthen its attack against Ukraine. Alongside these hard-hitting eight-package sanctions thrown at Russia is a  new European Union import ban worth €7 billion. 

Russians Banned From Enjoying Services of European Crypto Companies

Under one section of the sanctions, the European Union has increased the ban on Russians regarding the usage of cryptocurrency wallets, accounts, and custody services offered by European crypto companies. Before now, the crypto prohibition allowed for a Russian crypto wallet to hold about €10,000 ($9,795) in assets on a European licensed exchange or wallet but now it is a total ban. 

According to the Commission, “the existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet (previously up to €10,000 was allowed).”

This implies that henceforth, Russians cannot open accounts with European crypto companies (wallets or exchanges), and can neither store their crypto assets nor enjoy any of their services. It is said that this new package of EU sanctions has significantly affected the crypto assets of Russians.

Read Also: European Union (EU) Parliament Votes against Ban on Bitcoin and Ethereum’s Proof-of-Work (PoW)

Nevertheless, some experts believe that some European exchanges and wallet services will not restrict Russians, citing also that decentralized platforms are still available for Russians to carry out their crypto operations as they do not require KYC verification.  

Unfortunately, this crypto ban leveled against Russia comes after the nation became more crypto-friendly of late. On September 22, the Central Bank and the Ministry of Finance in Russia agreed to allow cross-border settlements in cryptocurrencies as stated by Deputy Minister of Finance of Russia Alexei Moiseev.

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The post European Union Bans Russians From Using EU-Licensed Crypto Wallets and Exchanges appeared first on Times Tabloid.

As reported by a local media Tass, Medvedev believes that if Russia goes ahead with the crypto ban as proposed by the country’s Central Bank, it may lead to the opposite result.

Read Also: Russian Tech and Political Executives Condemn Proposal for Blanket Ban on Crypto

He stated since there is a motivation behind the proposal, he expects the bank and the government to reach a consensus that will resolve the issue.

Dmitry Medvedev noted:

“I now have a rather advantageous position in this sense: I believe that representatives of the Central Bank and the government of the Russian Federation will deal with this with success. Although, to be honest, when they try to ban something, very often it leads to the opposite result.”

Medvedev’s comment comes after a paper published by Russia’s Central Bank on 20th January, which proposed a blanket ban on crypto and its usages in the country, such as crypto trading, mining, and other related activities.

Read Also: Jackson, Tennessee, United States is set to become the first City to Add Bitcoin as a Payroll Option

According to the bank, cryptocurrencies are highly volatile and used in illegal activities. The bank also claimed that crypto easily enables people to take their money out of the national economy.

Vladimir Putin Prefers Crypto Regulation to Blanket Ban

After the proposal was published on 20th January, a number of notable personalities in the country showcased their dissatisfaction. Even the Ministry of Finance discouraged a complete prohibition of crypto in the country.

Vladimir Putin, the President of Russia also joined the discussion during a videoconference meeting with the nation’s government officials on 26th January. There, he emphasized that Russia has a competitive advantage over crypto mining due to the surplus electricity and availability of well-trained personnel in the country.

Read Also: Federal Reserve Chairman Jerome Powell Says United States Has No Plans to Ban Bitcoin and Cryptos

In the course of the meeting, Putin asked the Central Bank to reach a consensus with the Ministry of Finance on the major issue.

Vladimir Putin noted:

“The Central Bank does not stand in our way of technological progress and is making the necessary efforts to introduce the latest technologies into this area of activity.”

“Although, of course, we have certain competitive advantages here, especially in the so-called mining, referring to the electricity surplus and well-trained, available personnel in the country.”

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The post Russia’s Former President Dmitry Medvedev: Banning Crypto May Lead to the Opposite Result appeared first on Times Tabloid.