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Cryptocurrency Useless’ American Sanctions On Erring Countries – U.S. Treasury Department

BY DAYO ADESULU

It has become clear that the emergence and adoption of cryptocurrency in many countries across the world have posed a threat to the potentials of the American sanction on erring countries.

Speaking in this regard, the U.S. Department of the Treasury Monday said that the growing use of crypto assets challenges the efficacy of American sanctions.

The Treasury Department said: “We are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions.”

That singular reason for evading sanction through the emergence of cryptocurrency underscores why benefitting countries will not allow cryptocurrency to die or be overpowered by persecution.

Because cryptocurrency runs on blockchain technology, it becomes increasingly difficult for the government of any country to interrupt it. The United Nations and world powers have tried various methods to abolish cryptocurrency but could not. The only way to end the existent of cryptocurrency is to shut down cyberspace globally thereby disrupting blockchain operations. But if it’s impossible to shut down global cyberspace for a minute, then it will be impossible to end the emergence of cryptocurrency.

In the release of its 2021 Sanctions Review on Monday, the Treasury report states: “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.”

It lamented that 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.

Treasury Department words: “We are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions”

“Mitigate those challenges and bolster the effectiveness of Treasury’s role in sanctions moving forward,” the report provides several recommendations.

“Modernizing Treasury’s sanctions technology, workforce, and infrastructure.” The Treasury Department “must have the right expertise, technology, and staff to support a robust and effective sanctions policymaking and implementation process.

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”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.”

Bitcoin.com reports that on Tuesday, Wally Adeyemo, deputy secretary of the Treasury, told lawmakers that the Biden administration’s 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.

“One of the most important areas for us, frankly, is ensuring that we have a workforce that understands these issues going forward,” Adeyemo said, noting:

Many of these crypto exchanges and cybercriminals that facilitate ransomware exist outside of the United States and have an impact here.

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