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White House weighs broader oversight of cryptocurrency market

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

“The NSC and NEC are coordinating across the interagency to look at ways we can ensure that cryptocurrency and other digital assets are not used to prop up bad actors, including ransomware criminals,” the White House National Security Council spokeswoman stated.

The oversight may embody an government order, Bloomberg News reported on Thursday. The spokeswoman didn’t touch upon whether or not an government order will likely be half of such oversight.

Ransom software program works by encrypting victims’ information. Typically hackers will provide the sufferer a key in return for cryptocurrency funds that may run into a whole bunch of 1000’s and even hundreds of thousands of {dollars}.

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

An on-line session hosted by the White House National Security Council can even be aimed toward “improving law enforcement collaboration” on points like “the illicit use of cryptocurrency,” Biden had stated.

Reporting by Nandita Bose;
Editing by Sandra Maler

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