The US Treasury deals a blow to digital currencies

Arabic and international

Economy News _ Baghdad

The US Treasury has sanctioned a cryptocurrency exchange operating in Moscow and St Petersburg, Russia, and sanctioned a Russian market on the darknet.

This decision is a severe blow to digital currencies that have been booming in the past weeks, especially after the exacerbation of European and American sanctions on the Russian financial system.

The US Treasury decided to impose sanctions on the Hydra market and Garantex crypto exchange in the Russian Federation.

US Treasury Secretary Janet Yellen said the sanctions against Hydra market and crypto exchange Garantex are sending a message to criminals that they cannot hide in the dark web.

It said the new sanctions prohibit US citizens from providing or receiving any assistance or providing money, goods or services to either Hydra or Garantex.

The US Treasury added, on its website, that it will seek in the coming days to freeze any assets they have.

It is reported that the Hydra market accounted for nearly 86% of the illicit bitcoin received directly by Russian crypto exchanges in 2019, according to several studies.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s