The US spotted russia's attempts to evade sanctions using cryptocurrency

The US Treasury is concerned about russia's use of cryptocurrency to circumvent sanctions.

This was stated by US Treasury Secretary Janet Yellen in her speech to members of the House Financial Services Committee.

During the hearing, Congressman Brad Sherman asked her about russia's use of cryptocurrencies and stablecoins to evade Western sanctions. In particular, he noted that the use of stablecoins does not provide potential investment income, and therefore their greatest advantage is the ability to circumvent sanctions.

In turn, the head of the US Treasury Department acknowledged the potential threat, noting that although it is not a significant problem now, it could become more widespread as sanctions are tightened.

“We are very careful about the use of cryptocurrencies and stablecoins. We don't think russia is doing anything significant, but as our sanctions get stronger, it is a concern,” Yellen replied.

Source: Bitcoin.com