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Treasury says crypto undermines effectiveness of US sanctions, calls for more money – Regulation Bitcoin News

The US Treasury Department says the increasing use of crypto assets challenges the effectiveness of US sanctions. “We are wary of the risk that if left unchecked, these digital assets and payment systems could harm the effectiveness of our sanctions,” the Treasury Department explained.

Treasury says crypto jeopardizes effectiveness of US sanctions

The US Treasury Department released its 2021 sanctions review on Monday. “Technological innovations such as digital currencies, alternative payment platforms, and new ways to hide cross-border transactions all potentially reduce the efficacy of US sanctions,” the report details, detailed:

While sanctions remain an essential and effective policy tool, they also pose new challenges, including increased risks from new payment systems, increased use of digital assets, and cybercriminals.

“We are wary of the risk that if left unchecked, these digital assets and payment systems could harm the effectiveness of our sanctions,” the Treasury Department said.

“To mitigate those challenges and increase the effectiveness of the Treasury’s role in sanctions going forward,” the report provides a number of recommendations.

One of them is “Modernizing the Treasury’s Restriction Technology, Workforce and Infrastructure.” The report stressed that the Treasury Department must have “the right expertise, technology and personnel to support a robust and effective sanctions policy formulation and implementation process.”

The Treasury should invest in deepening its institutional knowledge and capabilities in the evolving digital assets and services space to support the full sanctions lifecycle of activities.

On Tuesday, Treasury Deputy Secretary Wally Ademo told lawmakers that the Biden administration’s financial intelligence and sanctions units needed significantly more funding and staff to tackle national security threats, including ransomware and cryptocurrency, the Wall Street Journal reported. markets are included.

“One of the most important areas for us, clearly, is making sure that we have a workforce that understands these issues moving forward,” Ademo said, noting:

Many of these crypto exchanges and cybercriminals that facilitate ransomware exist outside the United States and have influence here.

Do you think cryptocurrencies challenge the effectiveness of US sanctions? Let us know in the comments section below.

image credit: Shutterstock, Pixabay, WikiCommons

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