The U.S. fast-tracked a bill to prevent Russia from circumventing sanctions through cryptocurrency

The United States intends to prevent Russia from circumventing sanctions with digital currency.

Here's What We Know

The relevant bill was considered and passed under an expedited procedure. The document was called Russia Cryptocurrency Transparency Act. The bill was approved by the House of Representatives of the Congress of the United States after 316 lawmakers voted for it and 69 voted against it.

Russia Cryptocurrency Transparency Act envisages a number of measures aimed at curbing any actions that could help Russia circumvent sanctions imposed on it by the United States and other countries. The U.S. Department of State is expected to have an official responsible for analyzing the impact of digital assets on the sanctions regime.

After the bill is passed, the Treasury Department and the U.S. State Department have 30 days to collect and submit to Congress information on attempts by Russia or individuals who have been sanctioned to use cryptocurrency exchanges, exchanges, wallets and decentralized finances to make transactions. It is also necessary to examine how the proliferation of virtual currencies affects U.S. national interests.

Source: CONGRESS.GOV

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