Home Cryptocurrency News White House weighs broader oversight of cryptocurrency market – Reuters

White House weighs broader oversight of cryptocurrency market – Reuters

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Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are positioned on PC motherboard on this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration

WASHINGTON, Oct 8 (Reuters) – The White Home is contemplating a large ranging oversight of the cryptocurrency market to fight the rising risk of ransomware and different cyber crime, a spokeswoman mentioned on Friday.

“The NSC and NEC are coordinating throughout the interagency to have a look at methods we are able to be sure that cryptocurrency and different digital property should not used to prop up unhealthy actors, together with ransomware criminals,” the White Home Nationwide Safety Council spokeswoman mentioned.

The oversight might embody an government order, Bloomberg Information reported on Thursday. The spokeswoman didn’t touch upon whether or not an government order will probably be a part of such oversight.

Ransom software program works by encrypting victims’ knowledge. Usually hackers will supply the sufferer a key in return for cryptocurrency funds that may run into lots of of hundreds and even hundreds of thousands of {dollars}.

Earlier this month, President Joe Biden mentioned high U.S. nationwide safety advisers will collect officers from 30 nations this month with plans to combat the growing threat of ransomware and other cyber crime.

A web-based session hosted by the White Home Nationwide Safety Council will even be geared toward “enhancing legislation enforcement collaboration” on points like “the illicit use of cryptocurrency,” Biden had mentioned.

Reporting by Nandita Bose;
Modifying by Sandra Maler

Our Requirements: The Thomson Reuters Trust Principles.

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