US Treasury Department Says Cryptocurrencies Could Could Undermine Sanctions

US Treasury Department Says Cryptocurrencies Could Could Undermine Sanctions
The U.S. Treasury Department said on Monday in a report that cryptocurrencies could undermine the effectiveness of U.S. sanctions. The report, which followed a six-month review of U.S. sanctions against countries with whom it is at odds or suspects of being behind illegal activity, noted that “digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all potentially reduce the efficacy of American sanctions.”“These technologies offer malign actors opportunities to hold and transfer funds outside the traditional dollar-based financial system,” the report said, and could be used by adversaries “to to build new financial and payments systems intended…