The White House Considers Measures to Monitor Cryptocurrency Use
1 Min Read
The White House is studying a coordination procedure between departments of the US administration on the use of cryptocurrencies.
-
Hackers resort to cryptocurrency payments to extort their victims.
On Friday, a spokeswoman said that The White House is studying issuing wide-ranging oversight of the cryptocurrency market. This is aimed at combatting the growing threat of ransomware and other cybercrime.
The White House National Security Council spokeswoman said: "The NSC and NEC are coordinating across the interagency to look at ways we can ensure that cryptocurrency and other digital assets are not used to prop up bad actors, including ransomware criminals."
According to Bloomberg, the oversight could include an executive order. This fact has not been confirmed by the spokeswoman.
Through encrypting users' data, ransomware extorts their victims. In exchange for cryptocurrency payments, hackers will grant the victim a key. These payments can run into hundreds of thousands or even millions of dollars.
Bitcoin price is currently around $54,606.
