The US will restrict the use of cryptocurrencies in Russia

The USA, which has imposed embargoes on Russia in the field of technology and finance due to the occupation of Ukraine, is working on a draft law that will restrict the use of crypto money in the country. US Senator Elizabeth Warren said that Russian citizens may be using cryptocurrencies to evade sanctions on banks.

Restrictions increase

The new bill, first reported by NBC, will require the identification of transfers to customer wallets of banks or other financial institutions located in Russia and reporting information to the Treasury Department on a regular basis. However, we can say that the law, whose full details have not been shared yet, will make it easier to detect suspicious transactions that evade sanctions.

Major cryptocurrency platforms Although the US Senator said it was impossible to avoid sanctions in response to the bill, “criminals can use cryptocurrency to move money in the shadows, opening a door for Putin and his followers to escape economic sanctions.”