United States President, Joe Biden, will this week sign an executive order on cryptocurrency as White House officials have raised concerns over how Russia’s elite may use the digital currency to sidestep sanctions
The move will mark the US government’s first step toward regulating how digital currency is traded.
This comes as the US and its allies have imposed strict sanctions on Russia’s central bank and defense industry, as well as President Vladimir Putin and wealthy Moscow elites who run in his inner circle.
The Biden administration’s approach to the digital currency has garnered attention as officials have raised concerns over whether organisations and individuals in Russia could use cryptocurrency to avoid the sanctions.
Associated Press reports that the order will describe which government agencies need to develop policies and regulations on digital currencies as American cryptocurrency laws are aligned with those of US allies.
White House officials say they’re on the lookout for the creation of front companies and alternative financial institutions that Russia may try to use to sidestep sanctions.
US Treasury Secretary, Janet Yellen, said: ”We will continue to look at how the sanctions work and evaluate whether or not there are liquid leakages and we have the possibility to address them. I often hear cryptocurrency mentioned and that is a channel to be watched.’
