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On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to promote the transformation of the whole society to be suitable for the elderly, support local pilot exploration, and promote the installation of elevators in multi-story buildings and the development of elderly dining services. Actively develop industries such as anti-aging and silver tourism to release the potential of the silver consumption market. Encourage the development of community embedded childcare, employer-run childcare and integrated childcare services. Support and regulate social forces to develop elderly care and childcare services, and improve the price formation mechanism of elderly care services. Encourage places with conditions to provide site support and operation subsidies to universal childcare institutions based on actual conditions.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to develop inbound consumption. Orderly expand the scope of unilateral visa-free countries, optimize and improve regional entry visa-free policies. Launch more high-quality inbound tourism routes and services, improve the convenience level of foreign tourists in China, and cultivate international medical, exhibition and other markets. Deepen the cultivation and construction of international consumption center cities. Support the opening of duty-free shops in urban ports that meet the conditions. Support more high-quality merchants to become departure tax refund stores, and promote the "buy now, refund now" service measures for departure tax refunds.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to promote ice and snow consumption. Launch and implement the ice and snow tourism promotion plan, organize and carry out ice and snow consumption season and other consumption promotion activities, build a number of ice and snow theme high-quality tourist attractions and resorts, and support ice and snow resource-rich areas to build world-renowned high-quality ice and snow tourism destinations. Encourage all regions to enrich the supply of ice and snow venues and consumer products according to time and place.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to strengthen credit support. Financial institutions are encouraged to increase the issuance of personal consumer loans under the premise of controllable risks, and reasonably set the amount, term and interest rate of consumer loans. Financial institutions are supported to optimize the repayment method of personal consumer loans in accordance with the principles of marketization and rule of law, and carry out loan renewal work in an orderly manner. In 2025, financial subsidies will be provided for eligible personal consumer loans and loans to service industry operators in the consumer field.On March 16, the General Office of the CPC Central Committee and the General Office of the State Council issued the "Special Action Plan to Boost Consumption". The plan proposes to continuously optimize the business environment. Improve the negative list management model for market access, focus on environmental protection, sanitation, security, quality inspection, fire protection and other fields, thoroughly clean up and rectify various market access barriers, and create a stable, fair, transparent and predictable market environment. Encourage all regions to simplify the approval process for promotional activities, community markets, outdoor displays, signboard facilities, etc., and implement online reporting and immediate processing. Improve the efficiency of supervision and random inspections through cross-departmental joint efforts, and do not disturb public consumption places.

Tornado Cash Still Receiving Tether Support, Despite U.S. Sanctions

Skylar Shaw

Aug 25, 2022 14:47

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This year, as the U.S. Treasury strikes down on projects it feels are harming American investors, cryptocurrency penalties have become the newest hot topic. The largest initiative to yet to come under this government's scrutiny is Tornado Cash, which is said to have played a significant part in the illegal underworld of cryptocurrency. According to numerous sources, this action is not just debatable but also unlawful. The most recent to oppose the choice is Tether (USDT-USD). The company's creators, who are not averse to controversy either, won't submit to the penalties.


Tornado Cash is really turning into a martyr for the cryptocurrency privacy cause. The project functions as a cryptocurrency mixer; participants pool resources, and the protocol then distributes tokens after mixing them together. Transactions become far less traceable as a result than regular crypto exchanges.


Tornado Cash has been operating well since its introduction in 2019, but once lawmakers began to show an interest in crypto legislation, it came under closer investigation. Senator Elizabeth Warren, for example, claims that the cryptocurrency market is plagued with criminality and that it serves as a shelter for ransomware attacks and drug trafficking. Thus, Tornado Cash is a weapon used in the criminal industry, enabling certain people to conceal their illegally acquired wealth.


Because of this, authorities are taking action against Tornado Cash. The project has just been sanctioned by the U.S. Treasury, making it impossible for American investors or businesses to collaborate on it. Numerous accounts connected to Tornado Cash were also blocked by the organization. Following the fines, Dutch authorities even detained developer Alexey Pertsev.

Tether Refuses to Comply with Cash Sanctions for the Tornado

The crypto community has responded vehemently to the penalties on Tornado Cash. Many claim that the penalty violates their First Amendment rights, yet coding is really protected as free expression according to a 1996 Supreme Court decision. Tether is currently breaking the rules.


One of the biggest initiatives in the cryptocurrency market is Tether. It also produces USDT, the biggest stablecoin. Tether has not yet agreed to stop supporting Tornado Cash. Instead, it has been doing business as usual, routing any transactions that consumers request via Tornado Cash.


Evidently, officials have not at all contacted Tether about the penalty. And even if they did, the business claims it would not be required to comply. Tether is protected from penalties, according to Chief Technology Officer Paolo Ardoino, since it "does not operate in the United States or onboard U.S. citizens as clients." Given the enormous influence Tether has as the biggest stablecoin business, this is undoubtedly a big thing.


Of course, Tether is not new to inciting the wrath of the American administration. After discovering that Tether was deceiving investors about the condition of its reserve backing, the New York State Attorney General banned trading of Tether in New York in 2021.


According to an unnamed insider at the Treasury's Office of Foreign Assets Control (OFAC), Tether's remarks have put it in a precarious position. The former official told The Washington Post, "Right now, it's a really poor moment for any crypto-related firm to [try the OFAC]." Investors will have to wait and watch to discover whether this source is reliable.

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