US Treasury Dept says cryptocurrency challenges effect of sanctions

The US Department of the Treasury warned that the growing use of crypto assets and payments systems if left unchecked challenges the efficacy of American sanctions.

To mitigate the said challenges and bolster the effectiveness of the Treasury’s role, the department wants its sanctions technology, workforce, and infrastructure to be modernized.

The Treasury Department added that it should invest in deepening its institutional knowledge and capabilities in digital assets and services to support the full sanctions.

Treasury department deputy secretary Wally Adeyemo wants more funding for its financial intelligence and sanctions units and staff to combat national security threats, such as those arising from ransomware and cryptocurrency markets.

Adeyemo pointed out that many of the crypto exchanges and cybercriminals that facilitate ransomware exist internationally but make their impact felt in the US.