The US government wants to prevent Russia from being imposed for its invasion of Ukraine Circumventing sanctions using cryptocurrencies such as bitcoin.
A government member said that a strategy was being worked on that draws on experiences with Iran and Venezuela. There are also sanctions against these states, which they are trying to circumvent.
The government member said the government wanted one maximum effect of sanctions against Russia to ensure. Employees were already on the lookout for front companies and financial institutions that Russia could use to circumvent the sanctions.
Western states have banned Russian banks from the Swift system for international payments and froze balances in the Central Bank of Russia, which holds an estimated $640 billion in foreign exchange reserves.
Meanwhile, the largest digital currency, Bitcoin, has gained a good two percent and is trading at $44,142. Ether gained three percent and is just below the important $3,000 mark at $2,984.