President Joe Biden’s administration on Monday announced a set of recommendations to revamp its use of economic sanctions to make them a more effective tool of U.S. foreign policy but warned that more had to be done to protect against the threat posed by the rise of cryptocurrencies.
Following a broad review launched shortly after Biden took office in January, the U.S. Treasury Department unveiled a revised framework intended to take a more surgical approach to sanctions instead of the blunt-force method favored by his predecessor, Donald Trump.
The Treasury warned that countries reducing the use of the U.S. dollar and exposure to the U.S. financial system could erode the effectiveness of sanctions, while digital currencies and other technological innovations also pose a risk to the tool’s success.
Reference: Reuters
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