EU weighs sanctions on ruble-backed stablecoin A7A5: Report

Several banks in Russia, Belarus and Central Asia are in the EU's firing line too, for enabling crypto-related transactions, according to a Bloomberg report.

The European Union is reportedly considering sanctions against A7A5, a Russian ruble-backed stablecoin and the world’s largest non-US-dollar pegged stablecoin.

The sanctions would prohibit EU-based organizations and individuals from engaging directly or indirectly through third parties with the token, according to a report from Bloomberg on Monday, citing documents related to the proposal.

Several banks in Russia, Belarus and Central Asia are in the firing line too, accused of enabling sanctioned entities to conduct crypto-related transactions, Bloomberg reports.

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