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Russia, despite the sanctions, has been defying the West since its invasion of Ukraine in February 2024. Faced with this, the United States and Europe are looking for new tactics to weaken the Russian bear, including restrictions on cryptocurrencies and crypto exchanges.
Sanctions against Russia: USDT, a New American Financial Weapon
Some sanctions have had an impact, such as the case with the crypto exchange Binance, which was forced to withdraw from Russia. Furthermore, Joe Biden’s team has successfully persuaded India to abandon Russian oil in favor of American oil, striking at Russia’s economic weapon.
It comes from the Deputy Secretary of the Treasury, Wally Adeyemo, a clear intent to tackle the complexities of virtual finance, as indicated by the press release dated January 9th. In a context where Russia appears to defy Western sanctions, it’s time for action. The United States, with their experience in countering terrorist financing, deploy aggressive strategies to dry up illicit funding sources. In this regard, the increasing use of digital assets by terrorist groups and state actors represents a major concern.
With a keen eye on the activities of North Korea and Russia, the Deputy Secretary unveils measures aimed at strengthening surveillance and law enforcement in the field of digital assets. Through his reform proposals, he aims to hit where it hurts: targeting foreign providers of digital assets that facilitate illicit crypto financing.
Similarly, he seeks to modernize existing authorities to better grasp key players in this constantly evolving ecosystem. Finally, he is addressing the jurisdictional risk related to offshore cryptocurrency platforms, thus disclosing a global and coordinated strategy.
In this battle for financial transparency, Tether’s USDT is specifically mentioned. The fight against illicit financing requires a response adapted to the digital age, and the Deputy Secretary is committed to meeting this challenge with determination.
Crypto: A New Challenge in the Fight Against Terrorist Financing
In the fight against terrorist financing, it appears that cryptocurrencies are becoming a new source of concern for authorities. Indeed, Wally Adeyemo reveals the schemes of Al-Qaeda using Bitcoin (BTC) to launder money through social media platforms. Similarly, the Islamic Revolutionary Guard Corps transfers cryptos to Hamas and Palestinian Islamic Jihad.
In response to these tactics, authorities are on high alert, fearing an increased concealment of the identities of malevolent actors and their resources through virtual currencies.
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La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.