US Prepares to Block Cryptocurrency Addresses Linked to Russia
Date: 2024-06-14 Author: Oliver Abernathy Categories: IN WORLD
The United States intends to make significant changes in the field of cryptocurrency transactions by taking steps to block cryptocurrency addresses belonging to Russian traders. These measures were a response to new sanctions imposed against the Russian financial sector, including even the suspension of trading on the Moscow Exchange in dollars and euros.
Blocking Cryptocurrency Addresses
American politician Brad Sherman proposed amendments to the National Defense Authorization Act (NDAA), which provide for the ability to block cryptocurrency addresses associated with Russia. Under the proposal, the US Treasury Department would have the power to require digital platforms and intermediaries to stop interacting with such addresses.
New Requirements and Regulations
Sherman also made a proposal to expand control over crypto transactions of American taxpayers. He proposes that all transactions in digital assets worth more than $10 thousand be required to be reported to the US Financial Intelligence Center Network (FinCEN). Such measures, in his opinion, are necessary to ensure national security and combat financial crimes.
Reviews and Reactions
Community reactions to Sherman's proposals remain varied. The increased interest in cryptocurrencies among Russians is associated with restrictions imposed on traditional financial transactions in dollars and euros. Some representatives of domestic business are calling for the use of cryptocurrencies as an alternative to minimize economic damage.
Brad Sherman's initiative to regulate crypto transactions reflects the growing role of digital assets in international financial interactions. In light of recent events, cryptocurrencies are becoming not only an object of investment, but also a tool of geopolitical strategies. The rapid development of crypto technologies requires new approaches to regulation and protection of state security interests.
