[Politics] The US reviews its sanctions policy and warns of the threat of cryptocurrencies

[#Wittels-]

 

The administration of President Joe Biden announced recommendations to change the use of economic sanctions to make them more effective for U.S. foreign policy, but warned that more needed to be done to protect itself from the threat of the cryptocurrency boom.

 

Following a broad review that began shortly after Biden took office in January, the U.S. Treasury Department released a revised framework, seeking to take a more surgical approach to sanctions in place of favored brute force. by his predecessor, Donald Trump.

The Treasury 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 important 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 the new framework, which seeks to link it to clear political goals and emphasizes the importance of multilateral coordination and mitigation of 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. "Said a senior Treasury official.

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

The Biden administration has targeted a much more specific use of the tool, but has kept the pressure on Venezuela, Iran and other countries under sanctions.

 

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

 

Link: https://gestion.pe/mundo/eeuu/eeuu-revisa-su-politica-de-sanciones-y-advierte-de-la-amenaza-de-las-criptomonedas-noticia/