US Will Limit The Use Of Cryptocurrency In Russia

The US will limit the use of cryptocurrencies in Russia. The scope of sanctions against Russia is expanding.

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 cryptocurrencies in the country. US Senator Elizabeth Warren said Russian citizens may be using cryptocurrencies to evade sanctions on banks. The new bill, first reported by NBC, will require transfers to customer wallets of banks or other financial institutions based in Russia to be identified and the information reported regularly to the Treasury Department. However, it is possible to say that the law, whose full details have not been shared yet, will make it easier to detect suspicious transactions that evade sanctions. While major cryptocurrency platforms said it was impossible to evade sanctions in response to the bill, the US Senator said, "Criminals can use cryptocurrency to move money in the shadows, opening a door for Putin and his followers to escape economic sanctions."