US to collaborate with 30 countries in stopping illicit cryptocurrency use

The US will bring together 30 countries, including those from NATO allies and G7 partners, to stop “the illicit use of cryptocurrency,” according to President Joe Biden.

The Biden administration has been intensifying its efforts to counter ransomware.

In September, the US Department of the Treasury prescribed a set of actions to disrupt criminal networks and virtual currency exchanges that were laundering ransoms.

According to the Bank for International Settlements (BIS), cryptocurrencies are used to facilitate money laundering, ransomware attacks, and other financial crimes.

The other objectives of the US-initiated cooperation are to combat cybercrime, improve law enforcement collaboration, and engaging on these issues diplomatically.

Biden explained that the US is responding to the cybersecurity threats by partnering closely with nations around the world, hardening critical infrastructure, disrupting ransomware networks, establishing cyberspace rules for all nations, and making accountable those that threaten its security.