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The United States Treasury seems very concerned about the increasing use of cryptocurrencies. Earlier this week, the Treasury released a report outlining how cryptocurrencies can undermine the effect of US sanctions.
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US Treasury Expresses Concern Over Growing Cryptocurrency Use
Therefore, cryptocurrencies would further weaken the role of the US dollar in the international market. This report comes at a time when the Treasury Department has overhauled the US sanctions system. The ministry noted that “while sanctions remain a fundamental and effective political tool, they also face new challenges, including the growing risks posed by new payment systems, the increasing use of digital assets. “
US sanctions prevent governments, companies, or individuals from accessing US financial systems, and it also prevents them from banking or trading with the world’s other major economies. However, the report states that cryptocurrencies and other alternative payment platforms “provide opportunities to hold and transfer funds outside of the traditional dollar-based financial system. “
In addition to the impact on sanctions, the Treasury also noted that cryptocurrencies encourage people to hide cross-border transactions and also help build new financial payment systems that aim to reduce the global role of the dollar.
Modernization of the bag system
A recent report from the Treasury Department showed that sanctions have increased tenfold in the past two decades. The Treasury also pointed out that the sanctions must have a clear purpose. In addition, they must prevent unintended economic and humanitarian damage and must be imposed in coordination with other US allies.
Under Secretary of the Treasury Wally Adeyemo said they were modernizing the sanctions system:
“Sanctions are a fundamentally important tool to advance our national security interests. The Treasury’s review of sanctions showed that this effective tool continues to deliver results, but it also faces new challenges. We are determined to work with our partners and allies to modernize and strengthen this vital tool. “
The report also states that they “recognize the risk that, if left unchecked, these digital assets and payment systems could compromise the effectiveness of their sanctions. “
During his recent tour of South Africa, Cardano co-creator Charles Hoskinson also made a statement about the US Treasury. He said he was doing everything in his power to destroy crypto assets. Hoskinson notes:
“In DC, the Treasury Department is doing everything in its power to try to destroy our area. An industry worth more than $ 2 trillion has emerged and my government is trying to destroy it. “
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All content in this article is provided for informational purposes only and does not constitute investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
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