The U.S. Department of the Treasury does not see that cryptocurrency could be used in a large-scale way to evade sanctions. “Its share as a medium for illicit finance is not anywhere as large as just using cash,” a senior Treasury official noted. Treasury Department’s View on Crypto Use to Evade Sanctions Nellie Liang, Treasury undersecretary for domestic finance, talked about the potential use of cryptocurrency as a tool to evade sanctions for Russia Friday in an interview with Reuters. The senior Treasury official explained that the crypto market is currently not large enough to run an economy on, and the crypto ecosystem is too underdeveloped to effectively facilitate sanctions evasion on a large scale. “The transaction size we’ve seen is fairly small. Of course, we recognize we may not see everything, but there is a fair amount of oversight,” Liang was quoted as saying. She elaborated: At this point, we just don’t see that it could be used ...
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