Cryptocurrencies pose a threat to effectively enforcing sanctions, says US Treasury Department

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  • Cryptocurrencies threaten the effectiveness of sanctions imposed by the US, the Treasury Department said.
  • Treasury said “malign actors” can use digital assets to hide cross-border transactions.
  • It also said the US government needs to modernize and adapt to the changing world of global finance.
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Cryptocurrencies hold the potential to undermine sanctions the US imposes to advance its security and economic interests, the Treasury Department said in a report.

The US has more than 9,400 sanctions in place, but the country faces newer challenges in part from cybercriminals, the department said in a review released Monday. The government must adapt and modernize its operations to stay on top of changes in global financing, it said.

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markets.businessinsider.com/news/currencies/digital-assets-cryptocurrencies-threat-effectiveness-sanctions-security-treasury-transactions-financial-2021-10

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