US government promotes efforts to eradicate cryptocurrency use

President Trump has approved the budget of USD 4.8 million for the year 2021 in order for the secret service to work for the eradication of the cryptocurrency crime, he said decrypt.

Crime? Yes, cryptocurrency crime has grown exponentially in 2019 compared to other years noted Reuters. With losses of USD 4.4 billion dollars in the first nine months of 2019 versus losses of USD 1.7 billion dollars throughout 2018.

According to ciphertra by (blockchain forensic team) the type of crime in the cryptocurrency sector changed from direct robberies, to scams and fraud by people who act carefully and settle for stealing “small” amounts in order not to be discovered. Additionally, it was reported that crimes valued at less than USD 5 million were not reported in view of the fact that exchanges and police teams focus on larger threats to companies.

It is in this sense that the US government has found it necessary to involve this specialized federal force in order to eliminate such situations of scams and fraud in cryptocurrency transactions. The budget allocated implies the reallocation of the secret service to the public treasury department. The funny thing is that, in reality, the secret service would be returning to its place of origin, since its establishment in 1865 was done in that same department, with the purpose of preventing the counterfeiting of the US currency.

But what is your mission this time? strengthen research and plans to stop the financing of terrorism, financial crimes, and human rights abuse, which have been greatly increased by the interconnection of the international financial market, where the participation of cryptocurrencies is highly relevant.

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Marilú Lazo
Bachelor in Law from the Pontifical Catholic University of Peru (PUCP). He has experience in corporate advice, as well as personal data protection and new technologies.

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