Former Secretary of State HIllary Clinton has said that cryptocurrency markets need stronger regulations to protect against technological manipulation by Russia, China, and others. Her comments on cryptocurrency were part of a larger segment in a Nov. 24 interview with MSNBC TV news host Rachel Maddow on the manipulation of social media platforms by certain nations. Clinton’s warning extended to “technology of all kinds” which she said states and non-state entities could use to destabilize countries and the dollar as the reserve currency of the world. She said, “There’s one other thing that’s on the horizon which people are only …

Central bank digital currencies (CBDC) like Russia’s digital ruble do not pose any threat to United States sanctions, according to U.S. Deputy Treasury Secretary Wally Adeyemo. In a CNBC interview on Wednesday, Adeyemo argued that the U.S. dollar “will remain the dominant currency in the world” despite the increasing popularity of cryptocurrencies. Adeyemo pointed out that digital assets provide an “opportunity in lots of ways” for the U.S. economy, but it’s also associated with many challenges like money laundering. However, there are ways to combat this in order to benefit from the growing industry, the official said: “We do think …

The United States Department of the Treasury has announced it will impose sanctions on the cryptocurrency exchange Chatex and its support network for allegedly facilitating transactions for ransomware actors. In an advisory update issued on Nov. 8, the Treasury Department Office of Foreign Assets Control, or OFAC, added Chatex as well as IZIBITS OU, Chatextech SIA, and Hightrade Finance to its list of entities sanctioned by the U.S. government. The department claimed Chatex has “direct ties” with Czech Republic and Russia-based business Suex OTC, which it sanctioned in September. According to OFAC, Chatex has helped facilitate transactions for ransomware groups, …

Russian oligarch Oleg Deripaska has once again called on the Russian government to stop ignoring Bitcoin (BTC) after the United States Federal Bureau of Investigation raided his homes in Washington and New York. In a Telegram post on Thursday, Deripaska argued that the Bank of Russia has been “infantile in ignoring the growing cryptocurrency market,” while the U.S. Department of the Treasury has been “investing particularly in this direction.” The billionaire emphasized that cryptocurrencies like Bitcoin have massive potential to not only help Russia avoid U.S. sanctions but also weaken the U.S. dollar, stating: “The U.S. had realized long ago …

As Russia continues pushing de-dollarization, the Ministry of Foreign Affairs (MFA Russia) is reportedly considering replacing the United States dollar with not only traditional fiat currencies but also digital currencies. Aleksandr Pankin, deputy minister of Foreign Affairs of Russia, reiterated the country’s plans to reduce the U.S. dollar share in Russia’s international reserves and its usage in settlement with foreign partners in a Tuesday interview with local news agency Interfax. The official said that MFA Russia isn’t excluding the possibility of replacing the U.S. dollar with “some digital assets” alongside other currencies: “It’s possible to replace the U.S. dollar with …

The United States Department of the Treasury has announced it will impose sanctions on the Czech Republic and Russia-based business Suex OTC for allegedly allowing hackers to access cryptocurrency sent as payment for ransomware attacks. In an advisory update issued on Tuesday, the Treasury Department Office of Foreign Assets Control, or OFAC, added Suex OTC to its list of Specially Designated Nationals for which “assets are blocked and U.S. persons are generally prohibited from dealing with them.” The government agency listed Suex OTC’s offices in Moscow and Prague, as well as its website and 25 crypto addresses for Ether (ETH), …

Belarusian President Alexander Lukashenko has called on the government to mine cryptocurrency use spare power infrastructure. Lukashenko spoke at the opening of the Petrikovsky mining and processing plant on Aug. 27, urging workers to move into crypto mining in Belarus instead of pursuing low-paying farming positions abroad, Russian news agency RBC reported. The president said that Belarus has enough electricity resources to power cryptocurrency mining, pointing to abandoned industrial sites that could be used to generate revenue. Lukashenko stated: “We must understand, they are not waiting for us anywhere [...] Build something based on electricity. After all, start mining cryptocurrencies …

Ethereum developer Virgil Griffith has violated the terms of his bail and has been taken into custody after he allegedly accessed his cryptocurrency account. The remand order came from United States District Judge P. Kevin Castel after Griffith reportedly sought to access Ether (ETH) assets held by Coinbase in May. The Ethereum Foundation researcher will likely spend the next two months behind bars. He is scheduled to be tried on Sept. 21 on charges of conspiracy to violate sanctions with North Korea and faces up to 20 years in prison. According to Law360, Judge Castel’s main concern was flight risk …

Russian industrial tycoon Oleg Deripaska is the latest figure to criticize the Bank of Russia’s stance on cryptocurrency regulation in the country. Deripaska took to his official Telegram channel on Thursday to blast the Russian central bank for pressuring local industry to avoid getting involved into cryptocurrencies like Bitcoin (BTC). The Russian oligarch pointed out that even small countries like El Salvador have moved into Bitcoin by recognizing it as legal tender: “Even poor El Salvador, known for being close to oft-mentioned Honduras, has realized the need for digital currencies and taken a simple path, recognizing Bitcoin as a means …

In a broader effort to circumvent the effects of sanctions, Iran may be attempting one of the first instances of digital currency protectionism. According to a Tweet from news outlet Iran International, The Central Bank of Iran announced a decision from the Cabinet on Wednesday decreeing that digital currencies traded in the country must have been mined, or “extracted” there as well, barring the exchange of digital assets mined abroad. While many observers have pointed out that enforcement would be nearly impossible, blockchain lawyer and advisor Fatemeh Fannizadeh noted that the ban may be aimed primarily at banks and forex …

Alexei Navalny is a noted leader of the Russian opposition. His “Anti-Corruption Foundation” (FBK) has been a thorn in President Vladimir Putin’s side for many years. Though the FBK has been locked out of mainstream politics — much as Navalny has been blocked from running in recent elections — its investigations have managed to garner an audience that Putin has found stubbornly difficult to disperse. That audience has transformed into protests across the country. On top of it all, Navalny’s story highlights an important use case for Bitcoin in a country that effectively sanctions media that don't toe the official …

Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law. Editor's note Technology is by and large not the major barrier — though many in the industry have a decent bit of hubris about it. More important is that people, whenever their money is on the line, get mighty conservative. Which is not necessarily greedy or unreasonable, but it is why it was easier for lawmakers to greenlight email than electronic signatures. Conservatism surrounding money also means that old systems have to fail in a pretty conspicuous fashion for anyone to …