US Department Of State Is Ramping Up Its Efforts To Track Crypto Payments

It has been announced by the State Department of the United States that a more significant role will be played by it in the quest of ensuring the accountability of some crypto consumers. It explicates the intentions of the Biden administration to widen the span of efforts being made to trace the payments of cryptocurrency.

Bloomberg reported in its report of Thursday that the intentions of the Biden administration are seemingly leading towards the inclusion of some additional measures to trace the payments done through crypto platforms, especially in the matter of ransomware attacks. The government is proceeding toward taking the role of the payment of cryptocurrency and cybersecurity in these attacks into account.

The report was preceded by the recent announcement made by the State Department which it was disclosed that the department would give rewards over the justice program comprising of bounties of nearly $10M in return for the assistance provided in the identification of the persons responsible for the aforementioned cyber-attacks which target the critical infrastructure within the U.S. It has been stated by the government agency that it has constructed a specific tip line via the network of Tor browser (that have been made by the official of the United States for doing internet communications anonymously and it is expected by it to provide some payments in cryptocurrency in return of the information regarding the ransomware attacks.

In the previous month, the United States’ officials (that were the participants of a task force allocated by the government) seized across $2M worth in cryptocurrency being utilized for paying the ransom preceded by an attack aiming at the system of Colonial Pipeline. Lisa Monaco (the Deputy Attorney General) expressed that the closing up of the assets was the foremost priority activity undertaken by the task force for investigation, disruption, and prosecution of the cyber-attacks done on the critical infrastructure. It signifies that force will delve deeper into the other attacks of the same kind.

Traceability’s absence or its availability for cryptocurrencies is the center of attention of the customers who desire to keep their funds away from the eyes of the authorities. However, it is a headache for the lawmakers who are responsible for the implementation of the taxes on the holdings in cryptocurrencies, as well as in preventing them from being utilized in illegal actions.