Japan Updating Forex Law to Block Russia From Circumventing Sanctions Through Cryptos

Japan Updating Forex Law to Block Russia From Circumventing Sanctions Through Cryptos
Japan's Chief of Cabinet Secretary Hirokazu Matsuno announces new cabinet members at a news conference in Tokyo, Japan, on Oct. 4, 2021. Kim Kyung-Hoon/Reuters
Naveen Athrappully
Updated:

The government of Japan is seeking to revise its foreign exchange laws to block Moscow from evading sanctions by using cryptocurrencies.

A revised version of the Foreign Exchange and Foreign Trade Act will be presented by the government at the current session of parliament, Chief Cabinet Secretary Hirokazu Matsuno said at a press conference. At a parliament session on Monday, Prime Minister Fumio Kishida also stressed the need to amend the law and coordinate moves with Western allies.

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