Crypto's 'share as a medium for illicit finance is not anywhere as large as just using cash,' said the Treasury official. cryptocurrency bitcoin $BTC
“Its share as a medium for illicit finance is not anywhere as large as just using cash,” a senior Treasury official noted.Nellie Liang, Treasury undersecretary for domestic finance, talked about the potential use of cryptocurrency as a tool to evade sanctions for Russia Friday in an interview with Reuters.
The senior Treasury official explained that the crypto market is currently not large enough to run an economy on, and the crypto ecosystem is too underdeveloped to effectively facilitate sanctions evasion on a large scale. “The transaction size we’ve seen is fairly small. Of course, we recognize we may not see everything, but there is a fair amount of oversight,” Liang was quoted as saying. She elaborated:The official revealed that the Treasury has been studying the issue for years. In addition, the
advanced economies and other countries have raised concerns about the use of cryptocurrency for illicit finance.While it’s growing because the use of crypto is growing, its share as a medium for illicit finance is not anywhere as large as just using cash. Despite many sources confirming that cryptocurrency is currently not an effective tool for sanctions evasion on a large scale, Senator Elizabeth Warren remains deeply concerned.a bill Thursday “to ensure that Vladimir Putin and Russian elites don’t use digital assets to undermine the international community’s economic sanctions against Russia following its invasion of Ukraine.” However, an expert said that her bill is “unnecessary, overbroad, and unconstitutional,” as Bitcoin.
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