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Crypto and Sanctions: Will the U.S. Follow the EU?

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Russia is facing more sanctions as the European Union introduced a prohibition on providing high-value cryptocurrency assets to Russia. In the press release, the EU said that the move will help to close potential loopholes. However, U.S. Treasury Secretary Janet Yellen--addressing lawmakers on Capitol Hill--expressed skepticism in regards to sanctioned Russian entities and individuals using crypto as a workaround of sanctions.

Yellen stated that she hasn't seen "significant evasion"so far. Aside from the sanctions, crypto continues to impact the ongoing conflict between Russia and Ukraine as Ukraine has raised over $133 million in crypto donations. Most recently, the co-founder of Ethereum, Vitalik Buterin, donated $5 million. Buterin didn't announce the donation, but rather, the donation was tracked to his Ethereum address.

FULL VIDEO TRANSCRIPT BELOW:

There are more crypto sanctions against Russia being announced…this time coming from Europe.

It’s your boy Ross Mac and this is what cryptocurrency investors are watching on Friday, April 8.

Crypto has played a huge part in the ongoing conflict between Russia and Ukraine, Both the U.S and Europeans have taken steps to further sanction Russia; and now the EU is introducing a prohibition on providing high-value crypto-asset services to Russia.” The EU, in a press release, stated that this will help close potential loopholes.

However, Janet Yellen, the US Treasury Secretary, is skeptical that crypto is being used to evade sanctions. Yellen, on Capitol Hill, said that she hasn’t seen “significant evasion” through crypto so far. Outside of sanctions, crypto continues to play a big part, with Ukraine raising over $133 million in crypto donations.

It’s your boy Ross Mac and that was the Crypto Minute on TheStreet.

TheStreet's Crypto Minute is brought to you by Blockchain.com.

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