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A new court ruling has reversed the sanctions placed on crypto mixer Tornado Cash (TORN) by the US government. According to a recent filing by the New Orleans-based U.S. Court of Appeals for the Fifth Circuit, the previous decision to place sanctions on the digital assets tumbler has been lifted. “It is ordered and Adjudged that the judgment of the District Court is reversed, and the cause is remanded to the United States Court of Appeals District Court for further proceedings in accordance with the opinion of this Court.” Tornado Cash was first sanctioned by the Treasury Department’s Office of Foreign Asset Control (OFAC) after being deemed a threat to the nation’s security as hackers associated with the government of North Korea were believed to have used it to clean stolen funds. Crypto mixers allow users to obfuscate the source of their digital assets by mixing them with other coins from different sources and giving each user back the ...

BRICS member China has begun rejecting about 80% of all payments made in the Russian ruble, reported media outlet Kommersant. Chinese banks have now started to delay accepting Russian rubles for several weeks before ultimately rejecting them. The Russian state-run media outlet confirmed the development citing various sources and officials on the condition of anonymity. Also Read: 2 BRICS Countries Advancing Towards Launching New Currency The rejection comes on the heels of several successful trade deals between China and Russia since 2021. The trade between the two BRICS members soared 121% in three years making the Chinese yuan and Russian ruble the center of all transactions. BRICS: No Entry For the Russian Ruble in Chinese Banks Source: AtlanticCouncil.org Chinese banks are rejecting the Russian ruble as the US unveiled a new wave of sanctions. The US sanctions target several Russian financial institutions, including leading businesses, multinational corporations, and high-net-worth...

Venezuelan President Nicolás Maduro, who once made it law to buy plane fuel with the country’s now-defunct Petro crypto token, has had his own jet seized by the US. The US Justice Department says the seized Falcon 900EX plane was illegally purchased for $13 million and allegedly acquired through a Caribbean-based shell company, resulting in a possible breach of US export control and sanctions laws. Venezuela is reportedly considering taking legal action against the seizure and has called it an act of “piracy.” The country’s Foreign Minister, Yván Gilminster, said that the US is justifying itself, “with the coercive measures that they unilaterally and illegally impose around the world.” Maduro’s Petro token was shuttered this year In January 2024, Petro, Maduro’s state-created crypto, was shut down and all holdings were liquidated . The token was decreed in 2020 to be the mandatory currency when purchasing jet fuel for international flight...

The global markets are currently experiencing a tumultuous change. Rising geopolitical changes are giving birth to new economic changes. At the same time, the US dollar devaluation has peaked at its prime, with alternative currencies like the Chinese yuan gaining steady momentum in the space. Will the US dollar sustain such severe injuries to its prestige? Also Read: ASEAN: Steps To Ditch US Dollar Gains Momentum In South East Asia Chinese Yuan Surges To New Highs Source: Shutterstock According to the Financial Times, China’s use of the renminbi has recorded a new high in cross-border transactions. The renminbi is becoming an increasingly popular currency for cross-border transactions, with people opting for RMB to initiate global transactions. 90% of all trade between China and Russia is conducted in Ruble or Yuan after ditching the US Dollar. pic.twitter.com/kLuoGwMSL4 — BRICS News (@BRICSinfo) May 16, 2024 The usage of the Renminbi has found a new footing in Russia, as the re...

In its 12th sanctions package against Russia, the EU is doubling down on crypto limitations for Russians. According to a Q&A on Dec. 18, the European Commission has imposed a new ban on Russian nationals and residents on Russian nationals and residents, preventing them from owning or controlling crypto service providers in response to Russia‘s military offensive against Ukraine, the announcement says. “EU sanctions fulfil the EU’s key objective, which is to continue to work for a just and lasting peace, not another frozen conflict.” The European Commission This regulatory move aims to tighten restrictions on the provision of crypto-asset wallet, account, or custody services to individuals in Russia. The comprehensive package also includes measures to curb circumvention, explicitly forbidding Russian nationals and residents from holding any positions on the governing bodies of entities offering such services. You might also like: Blockchain․co...

Fanusie doesn’t believe the Chinese-led CBDC movement on the global stage will replace the U.S. dollar, but it may cause a series of geopolitical headaches. A cryptocurrency researcher and former CIA analyst believes the United States government’s relatively slow start on Central Bank Digital Currency (CBDC) development may result in it losing grip on controlling the global financial system. Yaya Fanusie, the policy head at the crypto advocacy group the Crypto Council for Innovation explained in a Feb. 28 Bloomberg interview that sanctioned states are looking to transact on financial infrastructure that isn’t controlled or heavily influenced by the U.S. in order to move funds more freely cross-borders. If the U.S. continues to sit on the “sidelines” and lag behind on CBDC adoption, Fanusie believes this may spell “trouble” and cause unforeseen “geopolitical implications” over time: Fanusie explained that state-issued CBDCs could be a part of this financial infrastructure that becomes...