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Latam Insights Encore: El Salvador’s Proposal Opens the Door for Crypto-Based International Settlements

Latam Insights Encore: El Salvador’s Proposal Opens the Door for Crypto-Based International SettlementsWelcome to Latam Insights Encore, a deep dive into Latin America’s most relevant economic and cryptocurrency-based news from last week. In this edition, we discuss the recent proposal from El Salvador to settle their trade transactions with Russia using crypto, and how this might encourage other nations to do the same. El Salvador Might Start […]

Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec

BRICS Advances Toward Independent Digital Payment Platform, Russian Official Says

BRICS Advances Toward Independent Digital Payment Platform, Russian Official SaysThe BRICS economic bloc is progressing towards a digital payment platform, Russia’s Federation Council Speaker Valentina Matviyenko has revealed. The initiative, named BRICS Bridge, aims to establish an independent financial system. This system could mitigate dependency on Western institutions, especially amid sanctions and Russia’s SWIFT disconnection. BRICS Moves Forward With Digital Payment Platform Initiative The […]

Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec

Iran Backs Russia on BRICS Single Currency Initiative

Iran Backs Russia on BRICS Single Currency InitiativeIran plans to support Russia’s initiatives on creating a BRICS single currency and expanding national currency payments within the bloc, according to Iran’s Ambassador to Moscow, Kazem Jalali. The BRICS nations (Brazil, Russia, India, China, and South Africa) are exploring the creation of a new currency to reduce reliance on the U.S. dollar and mitigate […]

Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec

Russia to Initiate Crypto Payments Internationally by Year-End, Central Bank Governor Says

Russia to Initiate Crypto Payments Internationally by Year-End, Central Bank Governor SaysRussia plans to launch international cryptocurrency payments by the end of the year to counter Western sanctions, according to the governor of the Bank of Russia. The central bank is prepared to be flexible and is already discussing the conditions of this initiative with various ministries, agencies, and businesses. In addition, Russia’s State Duma, the […]

Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec

US Treasury ‘Very Attentive’ to Russia’s Use of Cryptocurrency, Yellen Says

US Treasury ‘Very Attentive’ to Russia’s Use of Cryptocurrency, Yellen SaysU.S. Treasury Secretary Janet Yellen has addressed concerns about Russia using cryptocurrency to evade sanctions. During her testimony before the House Financial Services Committee, Yellen acknowledged the potential threat, noting that while it may not be a significant issue now, it could become more concerning as sanctions intensify. Yellen: We Are Very Attentive to the […]

Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec

Bank of Russia Discusses Conditions of Upcoming Stablecoin Regulation

Bank of Russia Discusses Conditions of Upcoming Stablecoin RegulationThe Bank of Russia has highlighted the conditions it will need to consider when regulating the use of stablecoins for Russian individuals and companies. The bank stated that before a regulation is enacted, a thorough study of these assets and a discussion with the relevant actors of the market and the community around them should […]

Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec

Crypto remittances in Venezuela surge as economic situation worsens

Sanctions from the United States, spiraling inflation and government corruption have created an economic nightmare for Venezuelans.

As the economic situation in Venezuela continues to worsen, crypto remittances from family members living abroad have surged to support residents inside the country suffering from persistent inflation and supply issues.

In 2023, cryptocurrencies accounted for 9% of the $5.4 billion in remittances sent to Venezuela, representing $461 million in value. Remittances to Venezuela have increased every single year since 2018, with the exception of 2020, according to Chainalysis.

Remittances are typically sent using services such as Western Union. However, comparatively steep fees, wait times and currency supply issues can often make these services, as robust as they are, unviable for individuals in the developing world.

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Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec

Russian Central Bank Suggests Using Crypto to Counter Western Sanctions

Russian Central Bank Suggests Using Crypto to Counter Western SanctionsRussia’s central bank has urged businesses to consider various payment solutions, including cryptocurrencies and digital assets, to manage transactions with foreign partners and counter Western sanctions. Bank of Russia Governor Elvira Nabiullina highlighted that the central bank has softened its stance on the use of cryptocurrencies in international payments. She also mentioned ongoing efforts to […]

Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec

US prosecutors oppose Ethereum dev’s motion to reduce 5-year sentence

In April 2022, a judge sentenced Virgil Griffith to 63 months in prison for violating U.S. sanctions on North Korea.

Officials with the United States Justice Department have written a letter opposing former Ethereum developer Virgil Griffith’s motion to reduce his 2022 sentence for violating sanctions on North Korea.

In a June 17 filing in the U.S. District Court for the Southern District of New York, U.S. Attorney Damian Williams argued that a judge should deny Griffith’s motion to reduce his sentence to as little as 51 months. A judge sentenced the former Ethereum developer to 63 months in prison and a $100,000 fine in April 2022, which, considering his time behind bars before the sentencing hearing, makes his expected release date in January 2026.

“Griffith chose to evade the sanctions of his own country to provide services to a hostile foreign power, specifically, services designed to teach and encourage the use of cryptocurrency and blockchain technology to further evade U.S. and United Nations sanctions,” said Williams. “Griffith acted despite knowing that North Korea was committing atrocities against its own people and had made threats against the United States, including nuclear capabilities.”

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Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec

Venezuela Likely to Keep Using Crypto to Bypass New Set of US Sanctions

Venezuela Likely to Keep Using Crypto to Bypass New Set of US SanctionsAccording to Venezuelan dissidents and cryptocurrency analysts, the government of Venezuela is likely to keep using crypto to bypass the returning sanctions on oil and gold activities. Even when Nicolas Maduro’s administration seems to have been affected by corruption cases involving crypto, watchers report that these tools will keep diverting funds from regular channels. Venezuelan […]

Polter hit by flash loan attack, man gets 24 years for scam: Crypto-Sec