Congress Asks DOS To Tell Crypto Payments When Helping Ukraine
As the United States Congress expressed worry about sanctions evasion, a new measure requiring legislative notice prior to payments of United States Department of State (DOS) awards using cryptocurrency arose.
The Secretary of State’s Incentives for Justice Program, a counterterrorism prizes program, pays rewards for intelligence that stops international terrorism. Using Russia and Belarus as examples of previously sanctioned governments that have exploited cryptocurrency to avoid sanctions, bill H. R. 7338 requires that:
“The Secretary of State shall notify the appropriate congressional committees not later than 15 days before paying out a reward in cryptocurrency.”
Congress emphasized the United Nations’ findings that 12 million Ukrainian residents would require humanitarian assistance, as well as the use of cryptocurrencies as an effective cross-border payment tool to send millions to the Ukrainian government, the Ukrainian army, and Ukrainian refugees with limited access to financial services.
The bill amendment requires the Secretary of State to report to congressional committees on why the DOS decided to pay out incentives in cryptocurrencies.
If passed, the measure will oblige the DOS to keep a record of all prior crypto payments. Furthermore, the federal government will be required to show proof as to why cryptocurrency payments will motivate whistleblowers to submit information more than rewards in the form of US dollars or other awards.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Harold
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Congress Asks DOS To Tell Crypto Payments When Helping Ukraine
As the United States Congress expressed worry about sanctions evasion, a new measure requiring legislative notice prior to payments of United States Department of State (DOS) awards using cryptocurrency arose.
The Secretary of State’s Incentives for Justice Program, a counterterrorism prizes program, pays rewards for intelligence that stops international terrorism. Using Russia and Belarus as examples of previously sanctioned governments that have exploited cryptocurrency to avoid sanctions, bill H. R. 7338 requires that:
“The Secretary of State shall notify the appropriate congressional committees not later than 15 days before paying out a reward in cryptocurrency.”
Congress emphasized the United Nations’ findings that 12 million Ukrainian residents would require humanitarian assistance, as well as the use of cryptocurrencies as an effective cross-border payment tool to send millions to the Ukrainian government, the Ukrainian army, and Ukrainian refugees with limited access to financial services.
The bill amendment requires the Secretary of State to report to congressional committees on why the DOS decided to pay out incentives in cryptocurrencies.
If passed, the measure will oblige the DOS to keep a record of all prior crypto payments. Furthermore, the federal government will be required to show proof as to why cryptocurrency payments will motivate whistleblowers to submit information more than rewards in the form of US dollars or other awards.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
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