The Central Bank of Russia (CBR), proposed several measures in January 2022. curtailing the country’s cryptocurrency marketThe ban included an all-encompassing ban on mining or use of any cryptocurrency. This included warnings about the potential risks that cryptocurrencies pose to national financial stability and widespread illegal use. It also highlighted the high cost of mining crypto. However, the utility of blockchain technology didn’t escape the CBR. CBR announced in the following month that they had begun to use blockchain technology. The pilot phase of the digital rubleThe planned central bank digital currency of the country (CBDC).

Following the Russian legislature’s decision to recognize the Ukrainian separatist states of Lugansk and Donetsk, however, the majority of Russian Duma MPs were Financial sanctions imposedThe European Union. As a response to the developments in Ukraine, they issued the following statement in early March Sanctions were also applied to CBR. It was obvious that additional sanctions from the EU, United States and other Organisation for Economic Co-operation and Development countries (OECD) were possible.

Induced pivot by sanction

CBDC issues

Digital assets’ wartime utility

The west is putting pressure on the east