Biden Administration to Fight Cryptocurrency Ransomware Payments with Sanctions: The Wall Street Journal

Biden Administration to Fight Cryptocurrency Ransomware Payments with Sanctions: The Wall Street Journal

The U.S. Treasury Department is intending to introduce a slew of sanctions that are meant to curb cryptocurrency ransomware payments next week, according to a Sep. 17 report by The Wall Street Journal. For now, it is not clear what specific entities will be targeted by the Biden administration in its first major effort to make it harder for cybercriminals to use crypto as a means of monetization. The report says that the Treasury won’t go as far as putting clamps on the entire crypto infrastructure for enabling the rapid spread of ransomware. Instead, government officials have zeroed in on some concrete targets.The administration hopes that the sanctions will serve as a deterrent for other crypto entities involved in ransomware attacks.

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