US Treasury ‘Very Attentive’ to Russia’s Use of Cryptocurrency, Yellen Says

According to U.S. Treasury Secretary Janet Yellen, the U.S. Treasury is closely monitoring Russia’s use of cryptocurrency to bypass sanctions. Yellen expressed her concerns during her testimony before the House Financial Services Committee, stating that while it might not be a significant issue currently, it could become more troubling as sanctions become stricter. The comments were made in response to Congressman Brad Sherman’s inquiry about Russia’s utilization of stablecoins and cryptocurrency to avoid Western sanctions. The Bank of Russia has recently advised businesses to adopt cryptocurrencies and digital assets as a means to alleviate the impact of sanctions resulting from the Ukraine conflict. Elvira Nabiullina, the Russian Central Bank Governor, acknowledged the importance of resolving payment issues and highlighted the role of new financial technologies, like cryptocurrencies, in providing innovative solutions.