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Treasury Says Crypto Reduces Efficacy of US Sanctions, Seeks More Funding
20.10.2021
The U.S. Department of the Treasury says that the growing use of crypto assets challenges the efficacy of American sanctions. “We are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions,” the Treasury...
An Iranian Think Tank Recommends the Use of Cryptocurrencies to Circumvent Sanctions
3.3.2021
A think tank affiliated with the Iranian Presidency has unveiled a study report that encourages the use of cryptocurrencies in circumventing sanctions against the country. In addition, the report also claims the government could potentially “generate US$2 million a day and $700 million a year...
Federal Court Rejects Motion Filed by Crypto Developer Virgil Griffith to Dismiss Charges on Aiding North Korea
30.1.2021
A U.S. federal judge has rejected a motion filed by a former Ethereum Foundation developer over allegations of assisting North Korea to bypass sanctions. Prosecutors claim, Virgil Griffith, aided the regime by providing critical information on cryptocurrencies. Prosecutors Say Griffith’s...
Gold Exceeds U.S. Dollars in Russia’s Reserves as Putin Focuses on De-Dollarization
17.1.2021
Russia is now holding more gold than U.S. dollars in its reserves for the first time, according to the latest report by Russia’s central bank. Russian President Vladimir Putin has made de-dollarization his country’s key policy to reduce the Russian economy’s exposure to the U.S....
Central Bank of Iran Official Says Cryptocurrencies Have ‘Made No Contribution to Bypassing Sanctions’
28.12.2020
An official with the Central Bank of Iran (CBI) has claimed that cryptocurrencies have played no significant role in Iran’s sanction hit economy. According to Mohammadreza Mani Yekta, the deputy head of CBI’s office for payment systems, “studies” have shown that digital...
Venezuelan Crypto-Friendly Freelancing Platform Emerges Amid Economic Crisis, US Sanctions
10.12.2020
More cryptocurrency solutions keep appearing on the scene for Venezuelan residents as U.S. sanctions weigh on Nicolás Maduro’s government, including heavy restrictions on the circulation of foreign exchange transactions, driving people to find on crypto a way to circumvent such hurdles...
Unbanked Hong Kong Chief Carrie Lam: “I Have Piles of Cash at Home”
4.12.2020
Hong Kong Chief Executive Carrie Lam says she is currently unbanked and keeps piles of cash stashed at her home courtesy of US sanctions. Alongside 14 Chinese and Hong Kong officials, Lam has been slapped with punitive measures that effectively cut her off from the banking system. The US government...
Venezuelan Army Starts Mining Bitcoin for ‘Unblockable Income’
30.11.2020
The Venezuelan Army has inaugurated a cryptocurrency mining center with bitcoin mining equipment aimed at generating “unblockable income,” as the country attempts to bypass U.S. sanctions. The crypto mining center has the support of the country’s crypto regulator, Sunacrip....
Venezuela To Start Using Cryptocurrency in Global Trade in Efforts To Fend off U.S. Sanctions
1.10.2020
Venezuela president Nicolas Maduro says the country is to start using cryptocurrency in both domestic and global trade, as part of efforts to neutralize crippling U.S. economic sanctions. Speaking in the country’s parliament on Sept. 29, Maduro revealed that the move will “give...
P2P Bitcoin Exchange Paxful Shuts Down Venezuela Operations to Comply With US Sanctions
16.9.2020
Peer-to-peer (P2P) crypto exchange Paxful is shutting down its operations in Venezuela, apparently, to comply with U.S. economic sanctions against the leftist government of disputed president Nicolas Maduro. On Tuesday, a Paxful spokesperson told news.Bitcoin.com that the exchange will now start...
Iran to Cut 4 Zeros From Its Currency Amid Chronic Inflation and US Sanctions
7.5.2020
Iranian lawmakers have reportedly approved a plan to slash four zeros from the national currency, the rial, which has been falling sharply in value amid chronic inflation and the U.S. sanctions. The official currency will also be replaced. Economists are skeptical about how the changes will affect...
Iran Licenses $7.3 Million Bitcoin Mining Enterprise, Move Aimed at Easing U.S. Sanctions
5.5.2020
Iran has issued a bitcoin mining license to Iminer, a Turkish-based company. Iminer will operate up to 6,000 rigs, with a computing power of 96,000 terahash per second (TH/s) in total. According to media reports, the miner has spent $7.3 million setting up the mining facility, located...