US Treasury Department Suggests Government Develop Infrastructure and Policies Related to Crypto Assets

Departemen Keuangan Amerika Serikat telah mengeluarkan tinjauan tentang sanksi aset digital. (foto: dok. unsplash)

JAKARTA - The United States Department of the Treasury has issued a review of the sanctions and advised the government to do more to develop its infrastructure and policies regarding digital assets.

In an October 18 report, the Treasury Department said the increasing use of digital assets was hampering the implementation of sanctions while balancing funds from legitimate humanitarian organizations.

The department suggested that better communication between them and the crypto industry, financial institutions, and others, in addition to “deepening its institutional knowledge and capabilities” could help improve current policies.

"Sanctions are a very important tool to advance our national security interests," said Deputy Finance Minister Wally Adeyemo. “A review of treasury sanctions has shown that this powerful instrument continues to deliver results but also faces new challenges. We are committed to working with partners and allies to modernize and strengthen this important tool."

The report added: “If it's left unchecked, these digital assets and payment systems could jeopardize the effectiveness of our sanctions.”

According to the report, the Treasury recommends governments adopt a structured policy framework, coordinate with allies and partners whenever possible, ensure sanctions are understood, enforceable, and adaptable, and implement them “to mitigate unintended economic, political, and humanitarian impacts.”

The department added that it should be modernized to include the “appropriate expertise, technology, and staff” to deal with digital asset challenges.

The US Treasury has implemented sanctions as part of the government's efforts to combat ransomware attacks that threaten the nation's infrastructure — for example, when Russia-based DarkSide hackers attacked the Colonial Pipeline system in May.

Last month, the department announced it would impose sanctions on the Czech Republic as well as Russia-based Suex OTC business for allegedly allowing hackers access to cryptocurrencies sent as payment for ransomware attacks.