US Government Takes Steps to Fight Ransomware

A Thursday report has clarified that the US government on crypto regulation and its subsequent plans to combat ransomware. According to the report, experts will adopt more hostile ways of tracking digital currencies. 

New Rules Proposed by the US Government to Combat Ransomware

With the increase in crypto adoption in the world, the government and officials of big industries confront an epidemic of ransomware, where hackers are targeting the computers in exchange for huge payoff and zeroing on crypto accounts. As a key solution to combat the menace, the experts are now considering the adoption of far more aggressive ways than before.

The new rules proposed by a public-private panel aims at penetrating the anonymity of crypto transactions. Undeniably, some would need congressional actions. However, the panel is looking at every aspect of difficulties that could be faced by the ordinance. 

The panel task force included representatives from reputed authorities. Ranging from the FBI to the United States Secret Service and representatives from the major tech and security companies are also placed in it. 

Highlights of Rules and Regulations Proposed by The US Government

To highlight the rules, a recommended step stating “know-your-customer” regulations to currency exchanges has to be followed; there will be licensing requirements for those processing cryptocurrencies, and the kiosks for swapping crypto with currency will also be facilitated. 

Philip Reiner, Chief Executive of the Institute for Security and Technology [who led the Ransomware task force] mentioned that “There’s a lot more that can be done to constrain the abuse of these pretty amazing technologies.” However, he further declined to comment on the report before its release.

In the mid of the month, a government group concerning the same issue was also set by the U.S. Department of Justice. A special team of experts within the Justice Department to facilitate seizures of cryptocurrency, a process currently fraught with logistical and legal challenges is also called.