The director of the U.S. Central Intelligence Agency (CIA) has revealed that the company is working on a variety of cryptocurrency-focused initiatives. Cryptocurrencies “might have monumental impression on every little thing from ransomware assaults,” he mentioned.
CIA Has Been Working on Various Crypto Projects
CIA Director William Burns revealed Monday on the Wall Street Journal’s CEO Summit that the company is working on “a variety of completely different initiatives centered on cryptocurrency.”
Responding to a query from somebody within the viewers about whether or not the CIA is on high of cryptocurrencies, Burns mentioned:
This is one thing I inherited. My predecessor had began this, [and] had set in movement a variety of completely different initiatives centered on cryptocurrency.
Burn elaborated that the company is “making an attempt to have a look at second- and third-order penalties as properly and serving to our colleagues in different components of the U.S. authorities to supply strong intelligence on what we’re seeing as properly.”
The CIA director defined that cryptocurrencies “might have monumental impression on every little thing from ransomware assaults … as a result of one of many methods of getting at ransomware assaults and deterring them is to have the ability to get on the monetary networks that so a lot of these legal networks use and that will get proper on the situation of digital currencies as properly.”
The U.S. authorities has made combating ransomware a key precedence. In June, the Biden administration expanded “cryptocurrency evaluation to seek out and pursue legal transactions” as a part of its technique to fight ransomware.
In addition, the Department of the Treasury has taken actions in opposition to cryptocurrency exchanges “chargeable for laundering ransoms” as a part of the whole-of-government effort to counter ransomware. One trade was sanctioned in September and one other in November.
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