In Brief:
- The U.S. Department of the Treasury released a report of a nations sanction program
- It aims to upgrade its workforce to deal with cryptocurrencies.
- Regulations to be implemented over crypto transactions.
A press release was issued by the U.S.Treasury Department stating the review of the nation’s sanctions program and their plans to engage with the crypto industry.
The Treasury’s review explored that offenders are more likely to exploit the digital finance systems and crypto payments, and it needs to be strictly regulated.
As per the review, the US Department of Treasury aims to shed light on how the increase in crypto transactions and digital payments usage can reduce the efficiency of the nation’s sanctions and US financial system if not regulated adequately.
Just a few months back the department demanded to report crypto transactions above $10K to IRS (Internal Revenue Service) to keep an eye on the movement of crypto in the country.
Deputy Treasury Secretary Wally Adeyemo stated, “Treasury’s sanctions review has shown that this powerful instrument continues to deliver results but also faces new challenges. We’re committed to working with partners and allies to modernize and strengthen this critical tool.”
To maintain the efficacy of the nation’s sanctions policy rather than scrutinizing the cryptosystem the Treasury seems to be interested in getting more involved in the digital currency space.
