- Together with the private sectors, the government of the United States of America is now creating new Bitcoin regulations.
- The Bitcoin regulations aim to stop ransomware attacks in the country.
The government of the United States of America and the private sector are now creating new Bitcoin regulations. To be specific, this regulation plans to combat the use of cryptocurrencies as payment for ransomware attacks in the country.
Furthermore, this new Bitcoin regulation will collaborate with the FBI, Secret Service, and tech and security companies. This group of organizations will help others form effective regulations against the abuse of Bitcoin in cyberware attacks.
Philip Reiner, chief executive of the Institute for Security and Technology, who led the Ransomware Task Force, added:
There’s a lot more that can be done to constrain the abuse of these pretty amazing technologies,
Meanwhile, the group of the ransomware task force will focus on enhancing some areas in a cryptocurrency transaction. These include crypto procedures such as expanding the know-your-customer policy to more currency exchanges, imposing strict licensing requirements for those who operate cryptocurrency, and extending money-laundering rules to all facilities in the country that process money conversion, including small businesses.
In this case, the country may see a lower rate of ransomware crimes with the hope of permanently eliminating the problem. Moreover, the US is not the first country to experience ransomware attacks. In fact, there are already a lot of countries that suffer from this kind of scenario. For this reason, let us hope that the US ransomware task force brings a solution to this kind of problem.