Saturday, December 4

The US will review economic sanctions policy and warns about the threat of cryptocurrencies

The US Treasury has warned that countries that reduce the use of the US dollar and exposure to the US financial system could erode the effectiveness of sanctions., while digital currencies and other technological innovations also pose a risk.

While seeking to turn the page on the Trump era, the new prescriptions offered few details about how the Biden administration could change its handling of sanctions against major targets such as Iran, Venezuela and China.

Treasury Department officials promised that more rigor would be added to the sanctions process, while modernizing the tool through a new framework, which seeks to link it to clear policy goals and emphasizes the importance of multilateral coordination and mitigation. humanitarian impacts.

The new guidelines also advise that the Treasury invest in the development of its technological capabilities and its staff as part of the effort to counter the threat of digital currencies.

“The key for us is to make sure we are in a place where sanctions can be as effective as possible, and that means addressing the fact that technology is making it easier for people to search outside of the traditional financial system in the United States. “a senior Treasury official told reporters.

However, Treasury officials made clear Monday that sanctions will remain a crucial part of US foreign policy.

“Sanctions are a fundamentally important tool to advance our national security interests,” Treasury Under Secretary Wally Adeyemo said in a statement.