December 9, 2023

The Catholic Transcript

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United States to crack down on illegal payments in cryptocurrencies, 'WSJ' - International Information

United States to crack down on illegal payments in cryptocurrencies, ‘WSJ’ – International Information

The Wall Street Journal reported on Friday that Joe Biden’s government is preparing sanctions against a number of companies to combat illegal transactions with cryptocurrencies.

The U.S. Treasury plans to impose sanctions next week, the newspaper said, citing sources close to the matter. Consulted by the AFP on Friday night, the Treasury did not respond.

According to experts quoted by a newspaper that specializes in economics, the Treasury Department should target digital wallets that receive recovery transactions and sites that help transfer these amounts, which do not state the purpose of the sanctions.

In addition to these specific penalties, the Treasury wants to provide new guidelines for companies on the risks associated with facilitating payments after ransomware attacks. According to the newspaper, fines will also be imposed.

Cyber ​​security is one of the war horses of the Biden government, which has revealed significant vulnerabilities in the aftermath of the wave of attacks, especially with cryptocurrencies.

Regulatory bodies are often criticized for the illegal use of bitcoin. Cryptocurrency was used by hackers, who demanded ransom money from companies or local communities to recover blocked services.

There were a number of attacks on groups located in Russia, which would operate with the indirect consent of the Kremlin. In July, President Biden called on Russian President Vladimir Putin to take action against ransomware attacks.

According to a February report by Synalysis, cryptocurrency transactions for illicit purposes totaled $ 10 billion by 2020, up 1% of last year’s total cryptoactive activity. The redemption amount paid with cryptocurrencies reached nearly $ 350 million in the same year.

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