US Announces Encircling Approach to Curb Crypto Criminals

The US Deputy Attorney General has announced that they have substantial plans for ensuring that all cryptocurrency criminals are cracked down.

Bitcoin More Involved in the Schemes

While speaking at a question and answer session for the FSR {Financial Services Roundtable} on Tuesday, 27th February 2018, Rod Rosenstein said the entire plan is in place and would be rolled out soon. He later went ahead to give his personal views concerning the rate of cybercrime that involves the cryptocurrency market.

It can be remembered that the US Department of Justice formed a special task just last week, which will look at the whole issue of cryptocurrency cybercrime. While facing American bankers-filled caucus, Mr. Rosenstein revealed that a lot of these cybercrime schemes include the leading cryptocurrency, Bitcoin, and of course others that operate without following the ordinary system of finance.

He revealed that the main work of the recently formed task force for the cybercrime would be to come up with an all-inclusive plan that will eliminate cybercrime once and for all. The members of this task force are individuals from various agencies dealing with law enforcement with key agencies such as The US Marshalls Service, The FBI, and the Drug Enforcement Agency.

Virtual Currencies Aren’t Entirely Anonymous

As these were going on, Bill Gates who is the founder of one of the largest tech hubs in the world, Microsoft also shared his views regarding the anonymity nature of the virtual coins, particularly on the anonymous payment method that these digital coins allow. This is one thing that Mr. Bill Gates thinks is a major propagator of the illicit drug trade.

Bill Gates was speaking at the “Ask Me Anything” session that was organized by Reddit on Tuesday 27th February 2018.

But Mr. Rod Rosenstein, on the other hand, dismissed the whole narrative that the digital coins are entirely anonymous. This senior legal officer in the US stated that the process of laundering leaves certain traces that can be used by the federal investigators to bring the criminals to book. This makes all the cryptocurrencies to appear as phony in some manner.

It’s not all About Cybercrime

When commenting on the whole idea of investigating and netting the criminal acts in this market, Mr. Rosenstein noted that all does not revolve around cybercrime. He said that there would be a number of other means in which these criminals would leave clues. He went further to explain that even when dealing with the illegal businesses involving these digital coins, the criminals would need to convert the coins, and launder them into a tangible currency, and that would make it easy to be traced.

One of the major elements that would mark the efforts of the US Department of Justice towards curbing this menace would be to ensure that the officers involved are properly trained. The agency will initiate a program in which the federal officials will be taught on how to use various technologies in following certain digital trails.

It’s not only the United States that is alone in this war of bringing an end to the virtual currency-related crimes. Both German and French governments have expressed the same interests in the past.

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