The Swiss federal government plans to seize Russian crypto assets within its borders, including those of corporate entities and billionaires, multiple news outlets reported on Saturday.
Swiss President Ignacio Cassis indicated last week that Switzerland – avoiding a tradition of a deep-rooted neutrality – would almost certainly join the European Union in condemning Russia and freezing its resources in the Alpine country.
According to Swiss Finance Minister Guy Parmelin, a number of close friends and allies of Russian President Vladimir Putin are among 223 Russians whose bank accounts and physical assets have been seized by Switzerland.
Russian crypto resources suffocate
A senior Swiss finance ministry official said he believed the country’s blockchain sector should be protected by preventing Russian crypto assets from entering the market.
According to CVC, a Swiss venture capital firm, about 1,128 blockchain companies have chosen Switzerland or Liechtenstein as their home base until December 2021.
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BTC total market cap at $740.82 billion in the daily chart | Source: TradingView.com
Bitcoin, the other top crypto down today
On Saturday, Bitcoin’s market share fell 42.44% to, 39,047.24. After Russia intensified its military operations in Ukraine, investor interest in Bitcoin and other cryptocurrencies began to wane. Crypto was trading at $ 41,400, down 4.72% from its last high. At 7 2,730, Ethereum, the second most valuable cryptocurrency in terms of market value, fell 6.18%.
Also, among other well-known cryptocurrencies, XRP fell 3.65%, Solana 7%, Avalanche 5%, Cardano shed 5%, Polkadot retreated 4%, and Stellar 5%. Dogecoin lost 5%, Polygon lost 4%, and Shiba Inu lost 4%. According to CoinMarketCap, in the previous 24 hours, the total value of the cryptocurrency market fell 4.50% to $ 1.75 trillion, with trading volume down 3.43% to $ 83.23 billion.
China’s Digital Yuan Trials Greenlit
In other developments, the digital yuan, the digital currency issued by China’s central bank, is now being tested, and it is almost certain that the country will allow the test to run.
The potential role of digital resources and cryptocurrencies, as a result of the economic sanctions imposed on Russia, has been highlighted at the forefront of the discussion.
This year is already proving to be a landmark year in the history of the Chinese economy, highlighted by record exports and the unprecedented influx of foreign investment in the country’s financial markets. Some analysts say Russia’s aggression in Ukraine could boost demand for the Chinese yuan in the near future.
As a result of the ongoing conflict, it is possible that China could place its digital yuan on a larger scale.
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Featured image from PYMNTS, chart from TradingView.com