U.S. Treasury Says Crypto, Rival Currencies Risk Eroding Sanctions
- Since 2001, sanctions use has surged 933%, report finds
- China has bolstered its efforts to foster a digital yuan
Photographer: Paul Yeung/Bloomberg
This article is for subscribers only.
The rise of digital currencies and a decline in the use of the dollar by U.S. adversaries are driving calls for a more multilateral approach to sanctions policy at the Treasury Department as the U.S. tries to keep up with changes in the global financial system.
In a report published Monday, Treasury said that U.S. adversaries have increasingly turned away from the U.S. dollar to facilitate their transactions as American sanctions seek to target everything from Iranian oil sales to individuals accused of human rights abuses.