The Biden administration calls on the largest crypto exchanges to help ensure that Russia does not evade the imposed sanctions, fearing the country might use cryptocurrencies to get around the US restrictions.
The White House asks the exchanges to closely monitor all digital transactions that might help sanctioned Russian officials and organizations to circumvent restrictions.
“The Biden administration is asking crypto exchanges to help ensure that Russian individuals and organizations aren’t using virtual currencies to avoid sanctions,” Bloomberg reported.
The crypto community has so far stayed aside. However, the strengthening of the sanctions regime in the wake of military developments in Ukraine requires a response as digital assets are an excellent alternative to mitigating any financial restrictions. Eventually, the White House National Security Council and the Treasury Department asked the biggest crypto platforms to block any “deceptive or structured transactions or dealings to circumvent any United States sanctions.”
No comments from the Biden administration followed, according to the agency. All in all, cryptocurrencies could not replace the dollar. Nevertheless, the US government continues to combat the misuse of digital assets.
