Vladimir Putin

The move comes as Ukraine’s Vice Prime Minister Mykhailo Fedorov urged cryptocurrency exchanges to block addresses belonging to Russian users

Using cryptocurrencies instead of US dollars would be a violation of sanction agreements

The cryptocurrency fell almost 9% over a 24-hour period, with many leading digital assets trading at their lowest levels since Jan. 24

Russia’s finance ministry opposes giving bitcoin legal tender status as the country moves forward with crypto regulatory plans

The country’s finance minister reportedly hopes bill detailing crypto regulation will pass by end of year

Russia is expected to draw up crypto legislation, including tax standards, by Feb. 18
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