Singapore has banned the use of cryptocurrencies, which can be used to circumvent economic sanctions imposed on Russia in the wake of the invasion of Ukraine.
The Monetary Authority of Singapore (MAS), the city’s central bank, has indicated that the measures include all financial institutions on the island, including cryptocurrency services and providers, that are “specifically” prohibited from facilitating transactions that circumvent sanctions against Moscow. , according to a statement issued Monday evening.
The island’s central bank allows five cryptocurrency services, such as Bitcoin, to operate in the city, through a decentralized system (blockchain), whose transactions, since they do not rely on intermediaries, can be used to avoid sanctions against Russian financial institutions.
The Russian banks subject to Singapore’s sanctions are VTB Bank, Vnesheconombank, Promsvyazbank and Bank Rossia, and sanctions extend to all entities controlled, directly or indirectly, by these banks.
The regional financial center, Singapore has made the decision to join the Group of Seven countries [Alemanha, Canadá, Estados Unidos, França, Itália, Japão e Reino Unido] And the European Union in the implementation of sanctions against Russia, including the exclusion of Russian banks from the SWIFT system.
Japan also decided on Monday that cryptocurrency exchanges based on its territory prevent transactions involving individuals or institutions subject to sanctions against Russia and Belarus.
On February 24, Russia launched a military attack on Ukraine that has already caused at least 564 deaths and more than 982 casualties among the civilian population and caused some 4.5 million people to flee, including 2.5 million to neighboring countries, according to the latest United Nations report. data.
The Russian invasion was condemned by most of the international community who responded by sending weapons to Ukraine and tightening economic sanctions on Moscow.
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