The use of cryptocurrencies to escape the economic sanctions imposed on Russia by the US and Western countries due to Russia’s invasion of Ukraine is known for its anti-cryptocurrency. US Senator Elizabeth Warren also mobilized.
Anti-Bitcoin Bill from Elizabeth Warren!
bitcoin especially to cryptocurrencies Elizabeth Warren, who opposes it, is preparing to introduce a bill that would make it harder for Russia to use cryptocurrencies to evade economic sanctions.
Warren shared on his Twitter account. “The new bill will prevent Putin and his followers from using cryptocurrencies to evade economic sanctions.” he stated.
In the bill prepared by Senator Warren, financial institutions and cryptocurrency stock exchanges recording the transaction details and submitting these reports in detail to the US Treasury Department are among the prominent topics.
Warren also noted that the process of verifying customer identities and the reporting of transfers to private wallets should be mandatory.
I’ll be speaking soon with @Mitchellreports front @MSNBC about my new bill crypto isn’t used by Putin and his cronies to undermine our economic sanctions to ensure. Hope you’ll tune in! https://t.co/H8iTnA5Ulw
— Elizabeth Warren (@SenWarren) March 8, 2022
Cryptocurrency Letter from Senators to Janet Yellen!
There has been a lot of discussion lately that Russian businessmen and oligarchs, who are faced with economic sanctions, can escape the sanctions imposed by using cryptocurrencies and act freely outside the traditional financial system.
As part of these discussions, Senator Warren last week along with three Democrat senators sent a letter to Treasury Secretary Janet Yellen asking how the Department plans to apply economic sanctions to the crypto industry.
Senators in their letter “Given that digital assets can be used as a means of evading economic sanctions, facilitating institutions to move away from the traditional financial system, vigorous enforcement of sanctions in the cryptocurrency industry is critical.” had used the words.