EU Bans Russia-Backed Stablecoin In First Crypto Sanction

The European Union adopted its 19th sanctions package against Russia — the first to target a cryptocurrency. The bloc banned the ruble-backed stablecoin A7A5 as part of a wider crackdown on energy and financial networks funding the war in Ukraine. Brussels Expands Measures to Stablecoin and LNG According to the Council’s statement, the EU will prohibit all A7A5 transactions across the bloc starting November 25. The coin, issued in Kyrgyzstan and backed by deposits at PSB Bank, had been used by Russian firms to settle cross-border trade and sidestep SWIFT restrictions source: https://beincrypto.com/eu-sanctions-russia-linked-stablecoin/