A 2021 U.S. executive order that includes limitations on digital assets will be expanded upon in the wake of Russian aggression against Ukraine.
The U.S. Treasury has published a document suggesting that sanctions against Russia from last year will be expanded upon.
Those sanctions originated in an executive order from April 2021, which resulted from findings related to election interference.
One section of the order targets actors who engage in deceptive transactions involving digital currencies.
The U.S. Treasury has published a document indicating that it will expand upon sanctions against Russia put in place last year. One section makes specific reference to digital currency.
Executive Order Mentions CryptocurrencyThe current document explains that the U.S. Treasury’s Office of Foreign Assets Control (OFAC) is “adding regulations to implement an April 15, 2021 Russia-related Executive order.”
This executive order in question is titled “Blocking Property With Respect To Specified Harmful Foreign Activities of the Government of the Russian Federation.” The order was created last year when the Biden administration found that Russia interfered with U.S. elections and other democratic activities in the country.
One section of the order targets individuals who are engaged in “deceptive or structured transactions or dealings to circumvent any United States sanctions, including through the use of digital currencies or assets or the use of physical assets.”
That phrase was also found in the original 2021 version of the document and attracted attention at the time. The Treasury initially used the order to add 28 crypto wallets to a blacklist.
It is not clear how whether the rules around digital transactions will be affected by today’s news. The Treasury’s notice says that it could issue guidance and definitions, general licenses for certain types of transactions, and provisions for the order as a whole.
U.S. Sanctions Against Russia ContinueThough the executive order makes reference to events that occurred last year, such as election interference, the decision to expand upon the original order is undoubtedly tied to ongoing measures against Russia in the wake of its invasion on Ukraine.
Today, Biden announced new sanctions against Russia’s central bank, a decision that will prohibit American entities and citizens from transacting with Russia’s main financial institution.
The Biden administration imposed several other sanctions that limit Russia’s ability to make financial transactions this month. On Feb. 26, the U.S. and allies removed Russian banks from SWIFT. On Tuesday, Feb. 22, the U.S. announced the first sanctions against two Russian financial institutions and high-ranking individuals within Russia.
Cryptocurrency exchanges are also responding to calls to block Russian users, though those calls have originated from Ukraine’s vice prime minister rather than the United States. Two exchanges—Binance and Kraken—have indicated that they will not honor this request unless legally required to do so.
Disclosure: At the time of writing the author of this piece owned BTC, ETH, and other cryptocurrencies.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
OVR – the largest decentralized AR Metaverse
OVR is the decentralized infrastructure for the metaverse, merging physical and virtual world through Augmented Reality, creating a new dimension where everything is possible. It’s composed of 1.6 trillion unique hexagons…
As Sanctions Pile, Bitcoin Flips the Russian Ruble
Feb. 28, 2022
Thanks to unprecedented financial sanctions from the West, Bitcoin now has a higher market capitalization than the Russian ruble. Russian Ruble Plummets Following Western Sanctions Bitcoin has flipped the Russian…
Russian Central Bank Chief Says Alternative to SWIFT Already in Place
Feb. 28, 2022
The Bank of Russia’s governor has said that Russia will continue global payments via an alternative to the SWIFT network. Central bank governor Elvira Nabiullina said its system was ready…
Ukraine Crypto Donations Top $29M Amid Russia Crisis
Feb. 28, 2022
$29 million has been raised for Ukraine through multiple crypto funding initiatives, including an official plea from the Ukrainian government. Ukraine Receives Over $29M in Crypto Donations Crypto donations are…
West Cuts Russia From SWIFT Over Ukraine Attack
Feb. 27, 2022
A joint statement said that the action would “further isolate Russia from the international finance system.” Russia Blocked From SWIFT The West is cutting Russia from SWIFT. A joint statement…
Leave a Reply