Tag: Cash

Stablecoin Issuer Tether Won’t Freeze Tornado Cash Addresses, Says Premature Freezing Could Jeopardize Investigations – Bitcoin News

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While the crypto community is still talking about the U.S. government banning the ethereum mixing platform Tornado Cash, the stablecoin issuer Tether Holdings Limited revealed on Wednesday that the company would not “freeze Tornado Cash addresses.” Tether’s recently published blog post about the subject says the company is waiting for instructions from law enforcement. Tether Has No Plans to Freeze Tornado Cash-Associated Private Wallets and Is Waiting to Hear From Law Enforcement Officials On August 8, the U.S. Treasury Department’s financial watchdog, the Office of Foreign Asset Control (OFAC), banned…

Tether says it would not freeze sanctioned Tornado Cash addresses unless instructed by law enforcement

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On Wednesday, U.S. dollar stablecoin issuer Tether (USDT) said that it would not freeze smart contract addresses sanctioned by the U.S. Office of Foreign Assets (OFAC) Control’s Specially Designated Nationals and Blocked Persons (SDN) list for cryptocurrency trail-mixer Tornado Cash. In explaining the decision, Tether said:  “So far, OFAC has not indicated that a stablecoin issuer is expected to freeze secondary market addresses that are published on OFAC’s SDN List or that are operated by persons and entities that have been sanctioned by OFAC. Further, no U.S. law enforcement agency…

Tether Sticks to Decision Not to Bar Tornado Cash Addresses

Notably, Circle – the issuer of stablecoin USDC – blacklisted Tornado Cash smart contracts within hours of Treasury’s order. “We believe that, if made without instructions from U.S. authorities, the move by USDC … was premature and might have jeopardized the work of other regulators and law enforcement agencies around the world,” said Tether. Source

Rep. Emmer demands an explanation of OFAC’s Tornado Cash sanction from Sec. Yellen

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United States Congressman Tom Emmer sent a four-page letter to Treasury Secretary Janet Yellen on Tuesday regarding the Treasury Department’s sanctioning of cryptocurrency mixer Tornado Cash on Aug. 8. In his letter, Emmer posed a series of questions that seek to clarify the position of the Treasury Department’s Office of Foreign Assets Control (OFAC). Emmer said that OFAC, acting under Executive Order 13694 to place Tornado Cash on its Specially Designated Nationals and Blocked Persons List (SDN), has for the first time extended the EO’s definition of person or individual…

Tornado Cash saga highlights legal issues affecting the crypto market

Things have not been looking too good for the crypto market in recent months, with the market seemingly being gripped by one piece of bad news after another. To this point, on Aug. 8, the United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued legal sanctions against digital currency mixer Tornado Cash. As per the regulatory body, since the platform’s inception in 2019, it has been used for a host of illicit money laundering activities estimated to be worth $7 billion. Of this sum, it is…

Bitcoin Cash BCH Sparks Light Of Hope, Can It Rally To $200 Resistance?

The price of Bitcoin Cash (BCH) has sparked a glimpse of hope against Tether (USDT) as it attempts to flip key resistance with eyes set on $200. The price of Bitcoin Cash in recent weeks has been more gloomy as many altcoins rallied and produced gains of double digits while BCH continues to range. (Data from Binance) Bitcoin Cash (BCH) Price Analysis On The Weekly Chart Weekly BCH Price Chart | Source: BCHUSDT On Tradingview.com From the chart, the price of BCH saw a weekly low of $112, which bounced…

Nigerian Central Bank Targets Tenfold Increase in Number of CBDC Users, Governor Says Use of Cash Will ‘Dissipate to Zero’ – Emerging Markets Bitcoin News

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Despite the apparent slow embrace of the e-naira digital currency by Nigerians, the Central Bank of Nigeria governor has said his institution is targeting a tenfold increase in the number of users of the digital currency in the next twelve months. The governor predicted that the use of cash will “dissipate to zero” while the “use of digital currency will increase to become part of our lives.” E-Naira to Become Available to All Nigerians Some ten months after its launch, the app for the Nigerian central bank digital currency (CBDC)…

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