Bitcoin Does ‘Bartman’, EC Sanctions Also Apply To Crypto And Russians Face Record Inflation

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Bitcoin did a good old ‘Bart Simpson’ pattern (aka doing the Bartman), the European Commission confirmed the importance of crypto and Russians face record inflation.

The world’s biggest cryptocoin followed the classic Bart Simpson pattern, meaning it spiked up earlier this week, stayed there for a day and then followed the same path down again.

At the time of writing, Bitcoin changes hands for $38k.

He’s back. $BTC pic.twitter.com/3h7zmRnqL5

— Dylan LeClair 🟠 (@DylanLeClair_) March 10, 2022

SWIFT prohibitions

Crypto positioned itself as an important worldwide industry once again this week when the European Commission had to clarify that digital currencies would also fall under the sanctions imposed to the Russian and Belarussian regimes, after seeing that many Russians had opened a crypto account in the past two weeks. .

For Belarus, the measures introduce SWIFT prohibitions similar to those in the Russia regime, clarify that crypto assets fall under the scope of ‘transferable securities’ and further expand the existing financial restrictions by mirroring the measures already in place regarding Russia sanctions.

The Commission furthermore:

Confirmed the common understanding that loans and credit can be provided by any means, including crypto assets, as well as further clarified the notion of ‘transferable securities,’ so as to clearly include crypto assets, and thus ensure the proper implementation of the restrictions in place.

War with #Ukraine has resulted in SKY-HIGH inflation in #Russia. Today, I measure RU’s #inflation at 98%/yr using high-frequency data & purchasing power parity (PPP) principles. The Russian ruble’s free fall will continue to fuel inflation & wipe out anyone holding rubles. pic.twitter.com/PhuBJ2rzfx

— Steve Hanke (@steve_hanke) March 10, 2022

It comes just as Russians will be eager to escape into Bitcoin for one more reason, namely the crippling inflation which according to some measures, could reach triple digits. This would make for devastating economic situations for Russians at home.

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