Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Two US officials told Reuters: "Israel" carried out attacks in Iran
Israeli media: Netanyahu convenes security cabinet
Israeli media: Airspace completely closed to flights departing and arriving to Tel Aviv
Israeli media: Israeli Army Radio: The Israeli Air Force is now attacking Iran
Israeli media: Israeli Security Minister Israel Katz declares a state of emergency across the occupied territories' "home front"
Iran: Al Mayadeen correspondent: Explosions heard in the Iranian capital, Tehran
Iraq: Al Mayadeen correspondent: The sound of an unidentified warplane was heard in the skies over Erbil and Koy Sanjak in Iraqi Kurdistan
Lebanese Health Ministry: One martyr in Israeli strike on motorcycle in Nabatieh al-Fawqa, South Lebanon.
Al Mayadeen's correspondent: Israeli drone targets motorcycle in Nabatieh al-Fawqa, South Lebanon.
US President Donald Trump: I don't want to say Israeli strike is imminent

Cryptocurrency Undermines US Sanctions: US Treasury

  • By Al Mayadeen
  • Source: Agencies
  • 21 Oct 2021 11:33
2 Min Read

A Sanctions Review report published on Monday revealed the Treasury's crypto-anxieties, explaining that the use of digital currencies could undermine US sanctions.

  • x
  • Cryptocurrency Undermines US Sanctions: US Treasury
    Cryptocurrency could challenge the "hegemoney" of the US dollar. 

The US Department of Treasury released a sanctions review report on Monday explaining the effectivity and implications of US sanctions with recommendations for the future. 

The report focused on the idea that the use of crypto assets and trade will undermine the effictivity of the sanctions, and that if cryptocurrency continues the way it's running now, there will be less depedency on the US dollar and US financial institutions and systems in the future. The US dollar, according to the International Monetary Fund, makes up over 60% of all central bank foreign exchange reserves and around 90% of all forex trades. In addition, almost 40% of world debt is in US dollars. 

The report said, “Technological innovations such as digital currencies, alternative payment platforms, and new ways of hiding cross-border transactions all potentially reduce the efficacy of American sanctions."

Related News

Araghchi warns of strong Iranian response as E3 pushes IAEA resolution

Iran denounces Western pressure on IAEA, vows response to resolution

The document offers recommendations for this "defect," which require more funds to "combat national security threats, including those arising from ransomware and cryptocurrency markets," in the words of the Wall Street Journal. 

Furthermore, another recommendation by the report is “modernizing Treasury’s sanctions technology, workforce, and infrastructure.” Furthermore, it said that the Treasury Department “must have the right expertise, technology, and staff to support a robust and effective sanctions policymaking and implementation process" - this, again, requires more funding. 

Recently, the Biden Administration proposed measures to regulate and control cryptocurrency use. 

While the sterile report was published on Monday, UN experts released a report on Tuesday explaining that sanctions jeopardize Iranian rights to healthcare, causing nothing but crises and misery for the Iranian people.

  • Sanctions on Iran
  • US dollar
  • Cryptocurrency

Most Read

The logo of the Iranian Ministry of Intelligence (wikidata)

Iran acquired thousands of sensitive Israeli documents: Exclusive

  • Politics
  • 7 Jun 2025
Iranian demonstrators walk on a caricature of the Israeli Prime Minister Benjamin Netanyahu during the annual Quds Day rally in support of Palestinians, in Tehran, Iran, Friday, March 28, 2025 (AP)

Iran hits 'Israel' hard without arms; intel breach lays Tel Aviv bare

  • Politics
  • 7 Jun 2025
Iranian Intelligence Minister Esmaeil Khatib in an undated photo (Nournews)

Iranian security minister reveals major intelligence haul on 'Israel'

  • Politics
  • 8 Jun 2025
The flag of the International Atomic Energy Agency flies in front of its headquarters during an IAEA Board of Governors meeting in Vienna, Austria, Wednesday, Nov. 22, 2023. (AP)

Tehran unravels documents exposing secret IAEA-'Israel' collusion

  • Politics
  • 12 Jun 2025

Coverage

All
War on Gaza

Read Next

All
U.S. National Guard are deployed around downtown Los Angeles, Sunday, June 8, 2025, following a immigration raid protest the night before. (AP Photo/Eric Thayer)
US & Canada

ICE raids in LA trap families in harsh conditions: Lawyers

Colombia's President Gustavo Petro speaks at a rally to garner support for a referendum on labor reform, in Cali, Colombia, on June 11, 2025. (AP Photo/Santiago Saldarriaga)
Politics

Petro slams US-linked coup plot, signs decree for popular consultation

President Donald Trump speaks as he signs executive orders in the Oval Office of the White House on April 17, 2025. (AP)
US & Canada

World sees Trump as ‘arrogant’, ‘dangerous’ as ratings sink: Poll

he Department of Defense logo is seen on the wall in the Press Briefing room at the Pentagon on, Oct. 29, 2024 in Washington. (AP Photo/Kevin Wolf, File)
Politics

Future of $240bln AUKUS deal in doubt as Pentagon launches review

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS