US authorities may block Russian users of crypto exchanges

by in Cryptocurrency News

Russia USA

As part of compliance with the sanctions policy, the American leadership is preparing a bill that prevents the use of cryptocurrencies by Russian individuals and legal entities.

A bill developed by a group of senators, which included Elizabeth Warren, who advocates strict crypto regulation, was submitted to Congress for consideration.

If the document is adopted and signed by the president, the Ministry of Finance will have the right to block Russian users of those trading platforms that are registered in the United States.

In addition, the financial department will have the right to monitor the activity of Russian investors on foreign bitcoin exchanges.

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The purpose of this bill is to minimize the risks of circumventing sanctions with the help of virtual currencies. It will also oblige taxpayers to provide information about all transactions with cryptocurrencies above $10,000, performed in offshore zones.

As Elizabeth Warren noted, Washington must make every effort to prevent the elite from Russia from switching to digital currencies amid restrictions on their access to the dollar and euro.

Recently, the American crypto exchanges Coinbase and Kraken stated that if the US authorities decide to block Russian users, these companies will comply with it.