White House Wants Tighter Control Of Cryptocurrency Use In Cybercrime

The illegal use of cryptocurrencies has come to the attention of US President Joe Biden. (photo: twitter)

JAKARTA - The White House is considering broad surveillance of the cryptocurrency market to combat the growing threat of ransomware and other cybercrimes. This was confirmed by a spokesman on Friday, October 8.

"NSC and NEC are coordinating across agencies to look at ways we can ensure that cryptocurrencies and other digital assets are not used to prop up bad actors, including ransomware criminals," a White House National Security Council spokesperson said.

The oversight could include executive orders, Bloomberg News reported on Thursday. The spokesman did not comment on whether the executive order would form part of the oversight.

The ransom software works by encrypting the victim's data. Usually hackers will offer keys to victims in exchange for cryptocurrency payments that can run into hundreds of thousands or even millions of dollars.

Earlier this month, US President Joe Biden said US national security advisers would convene officials from 30 countries this month with plans to combat the growing threat of ransomware and other cybercrimes.

Online sessions hosted by the White House National Security Council will also be aimed at "enhancing law enforcement collaboration" on issues such as "illegal use of cryptocurrencies," Biden said, quoted by Reuters.