, Columnist
Crypto Is Failing Where Digital Yuan May Succeed
Cryptocurrency is still no match for the dollar but China could be the game changer on the horizon.
This article is for subscribers only.
Does an industrial-sized dog whistle go off when advocates boast about cryptocurrency’s ability to evade US government sanctions?
Back in March, a founder of Tornado Cash — a so-called “mixer” service that masks cryptocurrency transactions by mixing them with others — told Bloomberg it would be “technically impossible” for sanctions to be enforced against decentralized protocols. Surprise: Tornado has now been sanctioned by the US Treasury’s Office of Foreign Assets Control, partly because of its use by hackers said to be linked to North Korean money laundering.