{"id":13405,"date":"2021-10-20T18:54:04","date_gmt":"2021-10-20T18:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/treasury-says-crypto-reduces-efficacy-of-us-sanctions-seeks-more-funding\/"},"modified":"2021-10-20T18:54:04","modified_gmt":"2021-10-20T18:54:04","slug":"treasury-says-crypto-reduces-efficacy-of-us-sanctions-seeks-more-funding","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/treasury-says-crypto-reduces-efficacy-of-us-sanctions-seeks-more-funding\/","title":{"rendered":"Treasury Says Crypto Reduces Efficacy of US Sanctions, Seeks More Funding"},"content":{"rendered":"

The U.S. Department of the Treasury says that the growing use of crypto assets challenges the efficacy of American sanctions. \u201cWe are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions,\u201d the Treasury Department explained.<\/strong><\/p>\n

Treasury Says Crypto Threatens Efficacy of U.S. Sanctions<\/h2>\n

The U.S. Department of the Treasury released its 2021 Sanctions Review<\/a> Monday. \u201cTechnological innovations such as digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all potentially reduce the efficacy of American sanctions,\u201d the report details, elaborating:<\/p>\n

While sanctions remain an essential and effective policy tool, they also face new challenges including rising risks from new payments systems, the growing use of digital assets, and cybercriminals.<\/p>\n

\u201cWe are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions,\u201d the Treasury Department stated.<\/p>\n

To \u201cmitigate those challenges and bolster the effectiveness of Treasury\u2019s role in sanctions moving forward,\u201d the report provides several recommendations.<\/p>\n

One of them is \u201cmodernizing Treasury\u2019s sanctions technology, workforce, and infrastructure.\u201d The Treasury Department \u201cmust have the right expertise, technology, and staff to support a robust and effective sanctions policymaking and implementation process,\u201d the report emphasizes, adding:<\/p>\n

Treasury should invest in deepening its institutional knowledge and capabilities in the evolving digital assets and services space to support the full sanctions lifecycle of activities.<\/p>\n

On Tuesday, Wally Adeyemo, deputy secretary of the Treasury, told lawmakers that the Biden administration\u2019s financial intelligence and sanctions units need significantly more funding and staff to combat national security threats, including those arising from ransomware and cryptocurrency markets, the Wall Street Journal reported.<\/p>\n

\u201cOne of the most important areas for us, frankly, is ensuring that we have a workforce that understands these issues going forward,\u201d Adeyemo said, noting:<\/p>\n

Many of these crypto exchanges and cybercriminals that facilitate ransomware exist outside of the United States and have an impact here.<\/p>\n

Do you think cryptocurrency challenges the efficacy of U.S. sanctions? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nRegulation, deputy secretary, efficacy of sanctions, Treasury, us department of the treasury, US sanctions<\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Department of the Treasury says that the growing use of crypto assets challenges the efficacy of American sanctions. \u201cWe are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions,\u201d the Treasury Department explained. Treasury Says Crypto Threatens Efficacy of U.S. Sanctions…<\/p>\n","protected":false},"author":0,"featured_media":13406,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13405"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13405"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13405\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13406"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}