US Ministry of Finance should monitor the cryptom market in order to enforce sanctions
US Ministry of Finance should monitor the cryptom market in order to enforce sanctions
- A group of Democrats in the Senate recently submitted a letter to the US Ministry of Finance, in which they asked for information about the steps that were made to enforce the sanctions imposed on Russia.
- The US Finance Minister Janet Yellen assured that the United States will continuously monitor the activities related to the use of cryptos to prevent Russia from escaping sanctions.
The latest decision to give everything with its military operation in Ukraine, the European Union and countries such as Taiwan, Great Britain, the USA, Japan, New Zealand and Canada forced sanctions against the country that focus on oil refineries. Banks and military exports. However, concerns have been expressed that the country could handle these sanctions by using cryptocurrencies. Many crypto exchanges have already started a campaign to restrict the activities and prevent the registration of new Russian users.
In addition, Ukraine has decided to appeal to the public, to uncover the crypto money exchanges of Russian and Belarusian politicians and report these stock exchanges. The recent development comes from the US Ministry of Finance, which indicates the possibility that the Russians take advantage of crypto to make these sanctions less effective.
Bitcoin, not the only way to avoid sanctions-US Finance Ministry
The US Ministry of Finance recently published rules and also asked for crypto exchanges to refuse access to their platforms regardless of their location. Despite some stock exchanges that block Russians, Coinbase and Binance have made an explanation that they have no plans to impose a general ban on Russian customers. However, they will block the trading activities of sanctioned persons or organizations.
The founder and CEO of Binance, Changpeng Zhao, explained:
We are not against any people. We differentiate between the Russian politicians who start wars and normal people. Many normal Russians do not agree with war. We do not control the industry. I can publish my sanction list, you can publish your ... Do you know what? Nobody else will follow. It only shifts Russian users to other smaller platforms.
US Senator Elizabeth Warren, the chairman of the Senate Bank Committee, Sherrod Brown, and other legislators are concerned that some crypto companies may not enforce the new rules. It is important to note that the crypto market has recorded a certain positive growth since the sanction was imposed, and this was emphasized in the letter to the US Ministry of Finance.
related: coinbase, octopus and bony refuse to freeze Russian cryptocontes
US finance minister Janet Yellen assured that the United States will continuously monitor the use of cryptos in order to prevent Russia from escaping sanctions. She also noticed that Bitcoin is the most frequently mentioned good at the center of tax evasion, but it does not seem to be the only way through which sanctions can be avoided.
Source: Crypto-news-flash.com
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