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(WASHINGTON) — President Joe Biden is set to lay out his policy agenda and provide an update to the nation in his first address to a joint session of Congress on Wednesday night. Biden gave a preview of his speech to ABC News’ David Muir and other network television anchors at the White House Wednesday [.]
Take aim at lifeblood of operators.
US government and industry officials confronting an epidemic of ransomware, where hackers freeze the computers of a target and demand a payoff, are zeroing in on cryptocurrency regulation as the key to combating the scourge, sources familiar with the work of a public-private task force said.
In a report on Thursday, the panel of experts is expected to call for far more aggressive tracking of bitcoin and other cryptocurrencies.
While those have won greater acceptance among investors over the past year, they remain the lifeblood of ransomware operators and other criminals who face little risk of prosecution in much of the world.
(Photo : Pexels/Soumil Kumar) Ransomware cases online
The government and industry officials are currently being faced with surging cases of ransomware, a type of cyber crime wherein attackers would enrcypt the target s network and demand for financial ransom for the decryption key.
Both the industry and government officials are planning to pass a stricter cryptocurrency regulation as they see it as the key to combat the ransomware issue.
Cryptocurrency Regulation for Ransomware Cases
In a report by NBC News, the panel of experts is expected to call for more aggressive tracking of cryptocurrencies, including Bitcoin, which is among the most popular cryptocurrencies, thus far.