Sigal Mandelker, the US Treasury undersecretary recently said that cryptos can become the next frontier on the war on terror.
“While most terrorist groups still primarily rely on the traditional financial system and cash to transfer funds, without the appropriate strong safeguards cryptocurrencies could become the next frontier,” Mandelker said.
The undersecretary went on to say that not taking necessary action may result in compromises to national security. As a result, the Treasury Department has vowed to work with governments across the globe to ensure non-compliant networks and fintechs do not survive.
“While this may not seem like a lot of money, a FinCEN analysis found remittances linked to terrorism averaged less than $600 per transaction. As we know, the cost of carrying out a terrorist attack can be very low. But the human costs to victims are always extraordinarily high.”
Additionally, the US Treasury Department has just announced new sanctions against online criminal groups based in North Korea. The groups have reportedly conducted cryptocurrency ransomware attacks and other cybercrimes aimed at subverting international sanctions against the state.
It named the groups as Lazarus Group, Bluenoroff, and Andariel and said they were controlled by the Reconnaissance General Bureau (RGB), North Korea’s primary intelligence bureau, which is already subject to US and United Nations sanctions. It said WannaCry affected at least 150 countries and shut down about 300,000 computers, including many at the UK’s National Health Service (NHS).
There are at least 20 bills related to blockchain in various stages of being considered by the United States Congress, but only one is of imminent, potentially urgent concern to cryptocurrency users.