Cryptocurrencies can undermine effectiveness of US sanctions: Treasury

Cryptocurrencies' popularity could undermine effectiveness of US sanctions, reducing the countries' capacity to penalise its political foes. — REUTERS

The rising use of cryptocurrencies could undermine effectiveness of US economic and financial sanctions and potentially dent the role of the American dollar, the Treasury Department said Monday.

Following a review on the US sanctions system, Treasury found 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."