$ 20,445.00
$ 1,165.33
$ 1.00
$ 0.461099
$ 0.327777
$ 1.00

Digital Assets Threaten Sanctions, US Treasury Department to Deepen its Knowledge on Them

Digital Assets Threaten Sanctions, US Treasury Department to Deepen its Knowledge on Them

It has been a good year for cryptocurrencies and digital assets as more and more countries and institutions are willing to adopt them. El Salvador has accepted Bitcoin as a legal trade and other developing countries will likely do so in the future.

While the crypto sector has seen progress, there is also the other side of the coin. The crypto assets seem to be a cause of concern for Biden’s administration.

A sanctions report has been released by the US Treasury Department where the digital assets are also discussed, among other issues.

The efficiency of American sanctions is undermined by the advancement of technology, such as digital assets, digital payment platforms, and alternative ways of hiding cross-border transactions, as stated by the official report.

These digitized factors allow potential malicious actors to store and transfer funds outside the traditional financial system. Moreover, the digital asset is the biggest threat to the US dollar as it would no longer have the significant role it has now, concludes the report.

In the international trade market, the US Dollar is the main currency of trade and the US has levied about 9,000 sections against countries and institutions found to be in violation of various regulations.

On the other hand, cryptocurrencies have grown in popularity among sanctioned countries and are slowly making their way on these trade settlements.

Iran is one of the latest countries that is willing to adopt Bitcoin for international trade transactions.

US Treasury to Learn More About Digital Assets

The report did consider digital assets as potential threats, however, the solution could be to enhance the department’s expertise on emerging digital assets and services.

Thus, the US Treasury Department is interested to be more informed on this section in order to fully support the whole sanctions lifecycle of activities, according to the report.

The Biden administration was among the first to take ransomware seriously and take preventive measures against it. It didn’t stop with issuing warnings against such assaults but also sanctioned a Russian exchange after roughly $590 million in crypto ransom was paid in 2021 alone.

More than $5 billion in Bitcoin ransom payments have been traced by the US Treasury Department over the last decade.

Also Read: These Are the Five Countries That Will Accept BTC as Legal Tender Before 2022


Also read:

Related News

Meta Continues With Its NFT Plans

Meta stated that its other cryptocurrency initiatives are proceeding according to schedule after announcing the end of its Novi project. Non-fungible tokens (NFT) have been developing for a while by the company. The Novi initiative, which enables remittances and international money transfers, will shortly be shut down, the company announced recently. According to the company, the project will no longer operate as of September 1. Users of Novi were informed

Read More »

Bitcoin’s Lightning Network Now Available for Argentina From OpenNode Partnership With Lemon Cash

OpenNode, a supplier for Bitcoin payments, has teamed with Lemon Cash, a well-known Latin American bitcoin wallet service. The wallet’s cooperation with OpenNode allows over 1 million Lemon Cash users to now access Bitcoin’s Lightning Network. “This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments… We’re proud to support Lemon’s mission and its desire to scale and benefit

Read More »
LuckyBlock is a worldwide game and competition platform with play to earn rewards using blockchain protocols. They have already given many prizes to the participants of the game.

Lucky Block Partners with Crypto Academy

Lucky Block has partnered with Crypto Academy, as we look forward to many updates and launches ahead.  Lucky Block has reached a partnership with Crypto Academy, the renowned Crypto Marketing Agency, and Informational and Educational portal. With an incredible success rate in helping cryptocurrency-focused startups grow in the industry, the partnership with Crypto Academy is a stepping stone in the exciting journey ahead for Lucky Block. LuckyBlock is a worldwide

Read More »

My Coins

$ 20,445.001.28%
$ 1,165.333.29%
$ 0.4610991.13%
$ 1.000.03%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: