The US has created a framework for how criminal usage of blockchain technology should be dealt with on behalf of the government. Although the possibilities of blockchain are considered to be some of the best recent technological developments, the dark side of this is that cybercriminals often rely on them to operate with anonymity. The public release of the framework was announced on Thursday, through the Attorney General William Barr and the US Department of Justice.
The report focuses on combatting and investigating emerging threats and enforcement challenges associated with the heightened use of cryptocurrency, according to the DoJ. The document consists of three main sections focused on the applications of blockchain and cryptocurrencies and the exchange process itself. Primarily, the report examines illicit uses of cryptocurrency that fall into three categories: financial transactions associated with funding or promoting criminal activity, money laundering, and the shielding of legitimate activity from tax, and direct crimes such as theft.
Read More: US unveils enforcement framework to combat terrorist, criminal cryptocurrency activities
