The U.S. Treasury’s Office of Foreign Assets Control is set to issue new rules to restrict financial transactions to enforce existing sanctions against Russia. The rules, dubbed the Russian Harmful Foreign Activities Sanctions Regulations, take aim at “deceptive or structured transactions or dealings to circumvent any United States sanctions, including through the use of digital currencies or assets or the use of physical assets.”

While these rules reiterate existing rules, the crypto lesson here is clear: transactions on the blockchain are nowhere near as “anonymous” as popular myths would have you believe. There are privacy coins — such as Monero (XMR) — that are very hard to trace, but all crypto transactions are written to public ledgers (blockchains), which means that they are hiding in plain sight.

Author’s note: This is not a sponsored post. I am the author of this article and it expresses my own opinions. I am not, nor is my company, receiving compensation for it.

About Shelly Palmer

Shelly Palmer is the Professor of Advanced Media in Residence at Syracuse University’s S.I. Newhouse School of Public Communications, co-founder of Metacademy, and the CEO of The Palmer Group, a consulting practice that helps Fortune 500 companies with technology, media and marketing. Named LinkedIn’s “Top Voice in Technology,” he covers tech and business for Good Day New York, is a regular commentator on CNN and CNBC and writes a popular daily business blog. He’s the Co-Host of the award-winning podcast Techstream with Shelly Palmer & Seth Everett and his latest book, Blockchain - Cryptocurrency, NFTs & Smart Contracts: An executive guide to the world of decentralized finance, is an Amazon #1 Bestseller. Follow @shellypalmer or visit shellypalmer.com.

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