Responsive menu button

Digital currencies impeding sanction efforts

A story on Blockchain.News cites a US Treasury report that asserts digital currencies are posing a critical impediment to its sanctions policies, a trend to which it is determined to put an end.

In the report, the Treasury Department highlights digital currencies as one of the primary technological innovations that make its sanctions efforts ineffective.

“Technological innovations such as digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all potentially reduce the efficacy of American sanctions. These technologies offer malign actors opportunities to hold and transfer funds outside the traditional dollar-based financial system,” says the report.

Many sanctioned countries, argues the report, such as North Korea and Venezuela, are already exploring alternatives through digital currencies, a move that has proven to be of grave concern to the US Treasury Department.

Read more.

© 2023 Blockchain Ireland