As anticipated, the Department of Treasury's Office of Foreign Assets Control (OFAC) has begun to pull back the covers on its views toward cryptocurrencies (also known as "virtual currencies") within the existing regulatory landscape of US sanctions. Virtual currencies are “digital representations of value” that can function as a means for online payments. These transactions are often secured and verified by encryption and thus referred to as “cryptocurrencies.” With the increasing ubiquity of virtual currencies like Bitcoin, questions have emerged as to their status under existing OFAC rules. Click here for more.
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