Reuters: Us Authorities Plan To Conduct Increased Surveillance Of Bitcoin

A working group formed by the US Department of Justice is preparing to propose “aggressive” measures for tracking bitcoin. It is reported by Reuters with reference to the group’s report.

The new measures to regulate cryptocurrency are expected to reduce the increased activity of ransomware. Often, with the help of malware, cybercriminals demand a ransom in cryptocurrency. Regulation is expected to be the key in solving this problem.

 

“The measures will be massive,” an anonymous official from the US Department of Homeland Security commented on the plans.

 

Enhanced surveillance will be introduced not only in relation to bitcoin, but also other cryptocurrencies. As the working group found out, cryptocurrency ransomware raised almost $ 350 million in 2020, which is three times more than in 2019.

Old surveillance measures under a new pretext

It is reported that the working group included representatives of the FBI and the US Secret Service. The group also includes large technology and security companies. According to preliminary information, among the tightening will be an expanded introduction of Know Your Customer (KYC) policies, as well as the introduction of stricter licensing requirements for those who process cryptocurrency payments.

Earlier it became known that almost 15% of all cryptocurrency payments made to ransomware violated the sanctions regime. Moreover, the analytical company Chainalysis found that most payments were made in bitcoin, bitcoin cash (BCH), ether (ETH) and tether (USDT).

In addition, scammers have flooded the Discord servers with the aim of stealing cryptocurrencies through bogus marketplaces. The British division of Kaspersky Lab found out that schemes are often designed for users who appeared in public crypto chats.

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