On March 31, members of the US congress introduced a bill by the State Department to provide oversight of the use of cryptocurrencies. It will prevent the overcoming of sanctions by the Russian Federation.
The bipartisan document was drafted by Democrat Gregory Meeks, chairman of the U.S. House Foreign Relations Committee, and prominent Republican congressman Michael McCall.
As part of the bill, they submitted a set of requirements to the US State Department:
- Inform Congress about the payment of rewards in cryptocurrency to prevent them from being taken by attackers;
- appoint the director of digital currency security in the State Department’s Office of Economic Sanctions Policy and Enforcement;
- Working with the U.S. Treasury and YOU SAID The possibility of using blockchain for the humanitarian needs of Ukraine;
- Report on the impact of digital currencies on the effectiveness of compliance with US sanctions against Russian entities.
“Our goal is to ensure that new technologies do not undermine sanctions for the bankruptcy of Putin’s military machine,” said Michael McCall.
The bill was presented to the US Senate and House of Representatives.
Recall that in early March, the US authorities announced the need to strengthen monitoring of Russia’s circumvention of sanctions with the help of cryptocurrencies.
Source: Fork Log
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