China May Ease Crypto Ban Amidst US Sanctions Threat

IconCrypto News Terminal24 Apr, 2024

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China May Ease Crypto Ban Amidst US Sanctions Threat

**US Sanctions on Chinese Banks May Lead to Crypto Ban Easing** The United States is reportedly considering sanctions on several Chinese banks that have been supporting trade with Russia. In response, China may be compelled to relax its nationwide cryptocurrency ban to evade the potential sanctions. **Historically, Countries Under Sanctions Turn to Crypto** As BeInCrypto points out, nations isolated from the global financial system due to US sanctions have often embraced cryptocurrencies as a solution. For instance, Venezuela's state-owned oil company used Tether (USDT) to bypass sanctions. Similarly, Russia is currently using Tether to purchase military supplies, circumventing Western sanctions. **China's Potential Move to Crypto** In light of these precedents, China may choose a similar path. By easing its crypto ban, the country could mitigate the impact of US sanctions and continue engaging in global trade. **Previously on 24th April 2024:** "US government's review of sanctions on some Chinese banks may lead to China easing its nationwide cryptocurrency ban."

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