Sanctions

Venezuelan authorities demanded that cryptocurrency exchanges and mining companies stop all their business activities.

Russian oil company Gazpromneft announced that it will use its massive oil resources to mine cryptocurrencies. This comes after US sanctions on Russian oil have led to a significant drop in profits for many oil companies. Gazpromneft, a subsidiary of Russian oil giant Gazprom, hopes to use cryptocurrency mining to boost its profits.

The Bank of Russia is continuing to test the Digital Ruble payment system and plans to involve more banks into the program in 2023.

The numerous sanctions imposed on Russia as a result of the invasion of Ukraine have caused further trade losses for the country.

Russia is facing tough restrictions that could push the country into complete economic isolation. In such a situation, it is only natural to look for alternatives that will help circumvent the restrictions and maintain international relations.

Whenever a country is sanctioned, its traditional banking institutions are the number one target. This is the same thing that happened recently with Russia when the EU, NATO, the US and many other democratic countries decided to impose tough economic sanctions for invading Ukraine. Now Washington is considering cryptocurrencies as a possible tool for sanctions against Russia.

More than 20 cryptocurrency companies have announced they are leaving China after the government cracked down on the industry on September 24. This new wave of sanctions paves the way for the US to gain the upper hand in this sector.

More than 60% of the world's Central Banks are now pursuing Central Bank Digital Currencies (CBDCs). Could this possibly challenge the autonomy of the US dollar?

If there were a Crypto Republic, these heads of state would potentially be its leaders. From adopting cryptocurrencies as their respective country's currency to passing crypto-friendly regulations, they are the true unsung heroes of the crypto revolution.