September 23, 2021
By Isabelle Lee
Twitter on Thursday (click here) rolled out its bitcoin tipping feature that will allow anyone using the platform to send and receive tips in the cryptocurrency.
It is also looking to authenticate non-fungible tokens displayed on people's profiles to determine if the user actually owns them.
The bitcoin tipping feature, which was made available to select users earlier this year, will first be available to iOS users before launching in Android.
The company is also adding more payment services apart from the seven it currently has, which include PayPal and Venmo. As for bitcoin, Twitter will be using payment application Strike that is built on the Bitcoin Lightning Network. This allows users to send and receive bitcoin free and instantly, the company said....
However.
September 24, ,2021
By Shalini Nagarajan
China's central bank (click here) declared all cryptocurrency-related transactions illegal on Friday, and said foreign exchanges are banned from providing services to Chinese residents, in its strongest crackdown move yet on the digital asset industry.
Coins such as bitcoin and ether "are not legal and should not and cannot be used as currency in the market," the People's Bank of China said in a statement.
Virtual currencies do not have the same legal standing as fiat currency as they are issued by non-monetary authorities and use encryption technology, it said.
Bitcoin dropped 5.7% to about $41,110 in the wake of the announcement, according to data from CoinDesk. Ether lost 9% to hit $2,788, ada declined 3% to $2.16 and Ripple's XRP moved 7% lower to 92 cents. Dogecoin fell 8% to 20 cents....
In Russia, it's own cryptocurrency is sanctioned due to ransomware. It is the perfect crime. Completely outside the parameters of standard financial markets and banks. Is Russia's cryptocurrency for ransomware terrorism? It operates outside the definition of the civil world and uses infrastructure against itself. That is terrorism.
September 21, 2021
The United States (click here) has imposed sanctions on a Russian-based cryptocurrency exchange over its alleged role in facilitating illegal payments from ransomware attacks.
The Treasury Department action on September 21 targeted SUEX, in what officials said was the first sanctions leveled against a cryptocurrency exchange laundering money for cybercriminals.
This year, ransomware attacks have targeted companies and critical infrastructure, including a major U.S. pipeline and a meatpacker. There was also an attack on the software firm Kaseya that impacted some 1,500 businesses.
Ransomware payments surged last year to over $400 million, more than four times their level in 2019, according to the U.S. government.
But those payments represent only a fraction of economic harm caused by cyberattacks, which have disrupted critical sectors, including financial services, health care, and energy.
“Ransomware and cyberattacks are victimizing businesses large and small across America and are a direct threat to our economy,” said Treasury Secretary Janet Yellen....
Russia earned the first in history sanctions against a cryptocurrency. Will the perpetrators ever be brought to trial? No. Russia does not cooperate with extradition.
September 21, 2021
By Issabelle Lee
The US Department of the Treasury (click here) on Tuesday revealed it will sanction Russian-owned Suex for its role in laundering financial transactions for ransomware actors, marking the first time the agency has ever blacklisted a cryptocurrency exchange.
An analysis of transactions of Suex showed that over 40% were associated with illicit actors, according to a department announcement, adding that the crypto exchange also facilitated illicit funds from at least eight ransomware variants.
Tuesday's designation would generally ban all US citizens from engaging in transactions with Suex, a private company based in the Czech Republic.
The agency's Office of Foreign Assets Control warned players in the space that it "has imposed, and will continue to impose, sanctions on these actors and others who materially assist, sponsor, or provide financial, material, or technological support for these activities."...
The Russian crypto is actually breaking Russian law with what would seem impunity.
August 10, 2020
By Roger Huang
Russia recently signed a new cryptocurrency law (click here) that while stopping short of the previous ban on cryptocurrencies, still imposed stringent restrictions on its use in as form of monetary currency. This followed an earlier regulatory filing that essentially associated any activities involving cryptocurrencies as criminal, and placed them under the lens of anti-money laundering regulations.
Starting January 1st, 2021, cryptocurrencies will be allowed in Russia, though they will not be allowed to be used in exchange for any goods or services. There may be more regulation coming in upcoming sessions, but as of now, it seems that Russians can mine, trade cryptocurrencies for other cryptocurrencies on exchanges, and own cryptocurrencies without any legal issues — so long as they don’t spend it on other goods and services within the domestic economy....
