Treasury Secretary Janet Yellen said we “did not see anything substantial” regarding avoiding sanctions using crypto.
The United States had imposed many economic sanctions on Russia in response to Russia’s invasion of Ukraine. Ever since the sanctions began, it has been a matter of debate whether Russia will be able to circumvent sanctions with crypto.
Janet Yellen said during a meeting of the House of Representatives Financial Services Committee that “while it is a channel we are concerned about, we have not seen any significant avoidance through crypto so far.”
Yellen stated that the Treasury Department is monitoring the situation, stating that large transactions that take place can be easily seen by blockchain audiences and detected by private analytics firms.
“We think trying to use crypto at scale is the hard thing to do”
The United States and its allies froze $400 billion in foreign assets held by the Russian central bank in late February, and While the ruble lost a large part of its value compared to other currencies, it also contributed to the expansion of the crisis. Russian banks were also removed from the SWIFT network.
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