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.

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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