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What Japan’s Crypto Sanctions On Russia Mean
As the tragic Russian invasion of Ukraine continues, countries around the world are putting their foot down on the former. Countries like America and Japan have introduced sanctions on Russia, with the hopes that it will shake up the country’s economy enough for them to pull out of Ukraine.
No such luck yet, in fact Vladimir Putin is making claims that they’re going to sanction the U.S. in return. But this video isn’t about what Russia is doing, it’s more about what Japan is doing and what we can do with crypto sanctions.
Japan previously ordered a cease on all transactions tied with Russia and Belarus. Yes, Belarus is very much wrapped up in this and has just received over 300 sanctions from the United Kingdom alone.
Anyway, this decision to put sanctions on cryptocurrency tied with transactions in Russia and Belarus was a joint decision by the G7, or Group of Seven, a joint committee of some of the largest economies in the world: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
Speaking of the United States, the U.S. Treasury Department issued new guidance last week, requiring U.S. based crypto firms to not engage in transactions with sanction targets, AKA Russia and Belarus.