TechFlow reports that on April 21, Jayati Ghosh, Professor of Economics at the University of Manchester, wrote in the Bangkok Post that the Trump administration has vigorously pushed for deregulation of cryptocurrencies and promoted dollar-pegged stablecoins through the GENIUS Act, while simultaneously rejecting the development of central bank digital currencies (CBDCs). However, these policies are producing a self-defeating effect: in 2025, the volume of illicit cryptocurrency transactions surged by over 160% year-on-year. Countries including Russia, Iran, and North Korea are leveraging cryptocurrencies to circumvent U.S. economic sanctions on a large scale. Notably, Iran has integrated cryptocurrencies into its toll collection system for the Strait of Hormuz, with estimated daily revenues reaching as high as $36 million; Russia, meanwhile, is using cryptocurrency exchanges to bypass asset-freeze orders and fund military procurement.
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