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Europe Considers Blocking Use of Top Non-Dollar Stablecoin A7A5

Key Takeaways

  • ​The EU is considering banning A7A5, a ruble-based stablecoin, to prevent individuals and companies from bypassing sanctions;
  • A7A5’s value surged to nearly $500 million after new EU crypto rules were announced;
  • The proposal also targets banks in Russia, Belarus, and Central Asia suspected of helping sanctioned groups use cryptocurrency.

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Europe Considers Blocking Use of Top Non-Dollar Stablecoin A7A5

European officials are considering placing restrictions on A7A5, a digital currency linked to Russia’s ruble.

A7A5 is currently the most widely used stablecoin that is not tied to the US dollar.

Bloomberg reported on October 6 that if the proposal is implemented, individuals and companies based in the European Union would be prohibited from using A7A5, either directly or through third parties.

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The plan also targets specific banks in Russia, Belarus, and Central Asia. These banks are believed to be helping groups under sanctions by allowing them to make transactions using cryptocurrency.

Before any new sanctions become law, all 27 EU countries must agree. The current draft may still change before a final decision is made.

The European Council explained that sanctions are used to influence the behavior of those responsible for certain actions. The goal is to push for changes that align with the EU’s foreign and security policies.

Following the EU's announcement of new restrictions on crypto platforms on September 19, the market value of A7A5 increased from around $140 million to over $490 million by September 26. As of this week, its value remains near $500 million.

On October 6, Gespa, the Swiss regulator responsible for gambling oversight, examined FIFA’s "Right-to-Buy" (RTB) tokens. What were they monitoring? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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