Bradley Partner Carol Van Cleef Quoted on on Pros and Cons of Cryptocurrency Transfers for Humanitarian Aid

Media Mention

Bradley attorney Carol Van Cleef was quoted on on the risks and benefits of cryptocurrency transfers after the U.S. Office of Foreign Assets Control (OFAC) announced that it may consider licensing cryptocurrency transfers for humanitarian purposes in Venezuela and other jurisdictions.

Bitcoin and similar assets have the advantage of enabling direct transfers to the intended recipient rather than relying on institutions potentially controlled by corrupt individuals, said Van Cleef.

But even the most careful Bitcoin transfers in Venezuela run the risk of diversion through local exchanges with links to blacklisted parties, or conversion into petros, she said.

The original article, "OFAC ‘Open’ to Limited Transfers of Digital Currency for Humanitarian Aid," appeared on on October 15, 2020.