Yellen: U.S. Treasury Department to monitor cryptocurrencies as a channel for Russia to evade sanctions

On March 3, four U.S. Senate Democrats sent a letter to the U.S. Treasury Department expressing concern that Russia could use cryptocurrencies to avoid sanctions.

U.S. Treasury Secretary Janet Yellen responded recently that the U.S. will closely monitor the situation, "We will continue to study how the sanctions work and assess whether there are leaks, and we have the potential to address those issues."

Among them, she said that cryptocurrencies are a noteworthy channel for Russia to evade sanctions, “an area that is not entirely evasive.”