US Proposes Bill to Prevent Russia from Using BTC to Circumvent Sanctions
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The US House of Representatives has given its support to the Russia Cryptocurrency Transparency Act, which has been designed to prevent Russia from circumventing sanctions with the help of cryptocurrencies.

The document refers to the growing risks of using digital assets to circumvent sanctions imposed on Russia and Belarus by the US and other countries.

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According to the bill, the US Department of the Treasury and State must report to Congress on a number of issues, including:

  • Any attempts to use digital assets to circumvent Russia's restrictions.
  • Attempts by sanctioned individuals to use DeFi services, exchanges, exchangers or wallets to conduct transactions.
  • Assessing the effectiveness of the use of digital currencies to comply with sanctions and the potential impact of the proliferation of such assets on "US national security interests."

In addition, US officials should explore ways to promote economic development and humanitarian assistance to Ukraine, including the use of blockchain technology and cryptocurrencies.

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