Cryptocurrency Has Not Yet Been Used to Significantly Evade Anti-Russian Sanctions — US Treasury Secretary

Treasury Secretary Janet Yellen told the House Financial Services Committee that her department does not see significant use of cryptocurrencies to evade sanctions imposed on Russian oligarchs and government agencies.

According to Yellen, the Ministry of Finance is clearly aware of the possibility of using cryptocurrencies as a tool to evade sanctions, so the department is closely monitoring that this does not happen.

Yellen also assured the committee that it is quite difficult to use cryptocurrencies to evade sanctions, since blockchains are “regularly verified” and large transactions will be taken into account. She noted that cryptocurrency exchanges are subject to anti-money laundering and anti-terrorist financing (AML/CFT) regulations, so they are part of the financial system.

On Tuesday, the Treasury’s Office of Foreign Assets Control announced that it would sanction the Moscow-based digital currency exchange Garantex for failing to comply with AML/CFT rules and the Russian-language darknet marketplace Hydra for countering ransomware attacks. The Treasury Department was one of several US agencies that worked to impose sanctions on these entities.

On February 24, Russia carried out a paramilitary invasion of Ukraine on several fronts, shelling Kharkiv, Kyiv, Sumy, Chernihiv, Vinnytsia and other cities of various calibres.

The Ukrainian army is holding back the invasion of the enemy. From the hottest spots, the civilian population is trying to evacuate to other cities or even countries.

The world community organized to help the refugees and the Ukrainian army and imposed strict sanctions against Russia.

The BTC-Alpha team together with trusted volunteer communities created a charity fund ‘Alpha for Ukraine’. You can make a donation to help everyone in Ukraine who needs medicines, humanitarian aid and to support the defence of the country.

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