Ministry of Finance says Krypto reduces the effectiveness of US sanctions and is looking for more financing-regulation
Ministry of Finance says Krypto reduces the effectiveness of US sanctions and is looking for more financing-regulation
The US Ministry of Finance says that the increasing use of crypto-assets questions the effectiveness of American sanctions. "We are aware of the risk that these digital assets and payment systems, if they are not controlled, could affect the effectiveness of our sanctions," said the Ministry of Finance.
Ministry of Finance says crypto endangers the effectiveness of US sanctions
The US Ministry of Finance "Technical innovations such as digital currencies, alternative payment platforms and new opportunities to hide cross -border transactions can all affect the effectiveness of American sanctions," says the report:
sanctions are still an essential and effective political instrument, but also face new challenges, including rising risks through new payment systems, increasing use of digital assets and cybercriminals.
"We are aware that these digital assets and payment systems, if they are not controlled, could impair the effectiveness of our sanctions," said the Ministry of Finance.
to "alleviate these challenges and to strengthen the effectiveness of the role of the Ministry of Finance in future sanctions", the report contains several recommendations.
One of them is the "modernization of sanction technology, personnel and infrastructure of the Ministry of Finance". The Ministry of Finance "must have the right specialist knowledge, the right technology and the right staff to support a robust and effective process of sanction policy and implementation," emphasizes the report and adds:
The Ministry of Finance should invest in the deepening of its institutional knowledge and skills in the developing area of digital assets and services in order to support the entire sanction life cycle of the activities.
On Tuesday, Wally Adeyemo, deputy finance minister, informed the legislator that the financial information and sanction units of the bidges need significantly more funds and personnel to combat national security threats, including those caused by ransomware and cryptocurrency markets, reported the Wall Street Journal.
"One of the most important areas for us is honestly to ensure that we have a workforce that understands these problems in the future," said Adeyemo and noticed:
Many of these crypto exchanges and cyber criminals that enable ransomware exist outside the United States and have an impact here.
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