Satoshi Labs, the maker of the hardware wallet Trezor, has stated that it immediately halted sending cold wallet supplies to Russia following the sanctions. As a result, it is yet another corporation that is complying with worldwide sanctions imposed on Russia.
Trezor, a hardware wallet manufacturer, is the latest company to withdraw from Russia, with Satoshi Labs (Trezor’s parent company) stating that it will not be delivering cold wallets to Russia.
There has been significant debate about whether Russian citizens may utilize cryptocurrency to circumvent the consequences of the sanctions. The EU has discussed adding cryptocurrency in the sanctions to avoid any evasion of the measures.
Russia’s actions have been fast in response to its aggressive operations against Ukraine. PayPal, Mastercard, and Visa have all banned their services in the country, and even Switzerland, which is known for its neutrality, has frozen the crypto assets of significant Russians.
However, there has been much concern about the impact of cryptocurrency on regular Russian citizens. This is something that some in the cryptocurrency sector are emphasizing. Coinbase CEO Brian Armstrong stated that cryptocurrency might be a lifeline for these unsuspecting folks.
Still, the crypto world is in a delicate position as it strives to uphold the concept of decentralization while avoiding falling foul of authorities. It remains to be seen whether any changes will occur in the following months.
The cryptocurrency markets have become a hot topic in the Russia-Ukraine crisis.
Trezor’s decision to discontinue serving Russia contrasts sharply with that of other bitcoin firms. Both Kraken and Coinbase have stated that they will continue to operate in the nation. This sparked some criticism from the rest of the globe.
The sanctioning authorities have asked crypto entities to cooperate with the global effort to put pressure on Russia for its invasion of Ukraine. The reaction from the crypto community has been varied. Binance has suspended the accounts of persons on the suspension list, although it has not completely ceased operations.
However, when it comes to directly supporting Ukraine, the crypto community has acted in unison. Several groups and platforms have donated donations to Ukraine, with the total amount believed to be more than $50 million. Satoshi Labs has also contributed one million euros to Ukraine in the form of BTC.