United States Treasury Secretary Janet Yellen told the House Financial Services Committee on Wednesday that her department is not seeing significant use of cryptocurrencies to evade sanctions placed on Russian oligarchs and government agencies. Yellen was asked repeatedly about digital asset security at the committee’s annual hearing on the state of the international financial system.
“We are aware of the possibility clearly that crypto could be used as a tool to evade sanctions and we are carefully monitoring to make sure that doesn’t occur,” Yellen said, “but I would say that we have a good deal of authority in this area and are using it and will use it.”
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