US Treasury Set to Adapt to Digital Currencies

The US Treasury Department published a report on the sanctions applied and invited the government to develop its infrastructure and policies to improve communication with the crypto industry.

The ministry’s report indicated that the use of digital assets hindered the enforcement of sanctions, but it also made it easier to transfer funds from legitimate humanitarian organizations. The department suggested that improved communication between the crypto industry and participants in the country’s financial system, coupled with “deepening institutional knowledge and capacity”, could improve current policies.

The US Treasury is also confident that crypto assets need to be regulated, since otherwise they can neutralize the effectiveness of the imposed sanctions.

The Treasury Department has proposed steps to the government to improve domestic and foreign policy on crypto assets, and to modernize the Department to include “the necessary expertise, technology and personnel” to address digital asset challenges.

At the moment, disputes over the regulation of digital assets are still ongoing in the United States. Some want to provide a safe zone for crypto projects, while others, even after the vote on the bill on increased taxation, demand tougher rules for cryptocurrencies.

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