The Biden administration is exploring the targeting of Russia’s access to cryptocurrencies as part of further sanctions. Crypto makes up a greater part of the country’s financial system than most others due to a distrust in its banking system.
possible further sanctionsTargeting the country’s access to cryptocurrencies, such as bitcoin and ether, would take sanctions policy into uncharted territory.
Blocking transactions would be challenging, since by nature private, digital currencies are designed to exist without borders and for the most part outside the government-regulated financial system.
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