Implications of US Sanctions on Chinese Banks and China's Potential Crypto Response
Wednesday, 24 April 2024, 11:11
US Threats to Block Chinese Banks Globally Could Ease China’s Crypto Ban
Amid rising geopolitical tensions, the US government is contemplating imposing sanctions on certain Chinese banks.
Will China Resort to Crypto if the US Imposes Sanctions?
Although China claims it has not provided weapons to Russia, the US argues the export of dual-use items has strengthened Russia’s military. Proposed sanctions are seen as an 'escalatory option'.
- Venezuela's PDVSA using Tether (USDT) to evade US sanctions
- Russian firms using Tether’s USDT to acquire military components
China's Potential Response and Regulatory Shift
Chinese banks facing exclusion from the global financial system could encourage a more favorable regulatory approach to crypto, aligning with global trends.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.