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| Bitcoin regulations are dedicated to fighting ransomware attacks |
Government and industry officials facing a proliferation of ransomware attacks focus on regulating Bitcoin, which is key to fighting this scourge.
The group of experts is expected to call for tighter monitoring of Bitcoin and other cryptocurrencies.
Although cryptocurrencies have gained traction with investors over the past year, they still provide a lifeline for ransomware operators and other vulnerable criminals in most parts of the world. The risk of prosecution is extremely low.
Ransomware gangs raised nearly $ 350 million last year, triple compared to 2019.
Businesses, government agencies, hospitals and school systems fall victim to ransom groups, and US officials say these ransom groups have cordial ties with nation states, including North Korea and Russia.
Central bank regulators and financial crime investigators around the world are wondering whether and how cryptocurrencies should be regulated.
The new regulations are designed to undermine the privacy of cryptocurrency transactions.
When implemented, it could drain the excitement of those who believe that cryptocurrencies are a safe haven for national monetary policy and government oversight of personal financial activities, as the total value of cryptocurrencies exceeds a trillion dollars.
The task force consists of representatives from the FBI and US intelligence, as well as large technology and security companies.
The group called for the establishment of a specialized team of experts in the Ministry of Justice to facilitate the confiscation of cryptocurrencies. The current process is fraught with logistical and legal challenges.
A senior Homeland Security official said, "This world was created anonymously, but at some point you have to give something up to make sure everyone is safe."
The government uses blockchain technology that records all Bitcoin transactions.
Many exchanges converting cryptocurrencies into US dollars or other currencies are located in countries out of the reach of US regulators.
Although many exchanges believe that they have built their own networks, they are still dependent on the current financial markets.
International cooperation should help bring the platform to countries where Americans are unwilling to send money to them.