Louisiana Light • 3 days | 94.62 | +0.43 | +0.46% | |||
Bonny Light • 39 days | 118.1 | -3.97 | -3.25% | |||
Opec Basket • 3 days | 100.0 | -1.18 | -1.17% | |||
Mars US • 3 days | 87.51 | -2.75 | -3.05% | |||
Gasoline • 10 mins | 2.899 | +0.043 | +1.52% |
Bonny Light • 39 days | 118.1 | -3.97 | -3.25% | |||
Girassol • 39 days | 117.1 | -3.86 | -3.19% | |||
Opec Basket • 3 days | 100.0 | -1.18 | -1.17% |
Peace Sour • 10 hours | 84.46 | +0.47 | +0.56% | |||
Light Sour Blend • 10 hours | 86.56 | +0.47 | +0.55% | |||
Syncrude Sweet Premium • 10 hours | 90.11 | +0.47 | +0.52% | |||
Central Alberta • 10 hours | 84.76 | +0.47 | +0.56% |
Eagle Ford • 10 days | 97.22 | +2.20 | +2.32% | |||
Oklahoma Sweet • 3 days | 85.50 | +0.50 | +0.59% | |||
Kansas Common • 3 days | 79.25 | +0.50 | +0.63% | |||
Buena Vista • 3 days | 98.55 | -0.53 | -0.53% |
After a decade of disappointment,…
OPEC and its partners have…
City A.M
CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…
Crypto mining could enable sanctioned nations to evade punitive restrictions researchers the International Monetary Fund said.
Sanctioned nations could monetize domestic energy supplies, which cannot be exported abroad, by mining cryptocurrencies such as Bitcoin, an IMF report has revealed. While the magnitude of capital flows to sanctioned actors is “relatively contained,” the IMF said that it still presents “risks to financial integrity.”
“Regulators in the United States and United Kingdom, among others, have urged firms in their jurisdictions, including the
crypto-asset sector, to increase vigilance with regard to potential Russian sanction evasion attempts,” the IMF wrote in a report.
“Over time, sanctioned countries could also allocate more resources toward evading sanctions through mining,” the report continued. “The monetization happens directly on blockchains and outside the financial system where the sanctions are implemented. Miners can also generate revenues directly from users that pay transaction fees to miners.”
The IMF estimates that of total Bitcoin mining revenues, which last year reached $1.4bn, Russian miners could have captured close to 11 percent while Iranian miners captured three percent.
The comments come as regulators worldwide shine a light on the use of unregulated cryptocurrencies for sanctions evasion amid the conflict between Russia and Ukraine. The European Union this month unveiled a fresh tranche of sanctions targeting Russia which included a requirement for firms to cease high-value crypto-asset services in the country.
By CityAM
More Top Reads From Oilprice.com:
CityAM.com is the online presence of City A.M., London's first free daily business newspaper. Both platforms cover financial and business news as well as sport and…
The materials provided on this Web site are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Nothing contained on the Web site shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction.
Trading and investing carries a high risk of losing money rapidly due to leverage. Individuals should consider whether they can afford the risks associated to trading.
74-89% of retail investor accounts lose money. Any trading and execution of orders mentioned on this website is carried out by and through OPCMarkets.
Merchant of Record: A Media Solutions trading as Oilprice.com