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U.S. to target ransomware payments in cryptocurrency with sanctions

by Mike Robinson

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© Reuters. FILE PHOTO. This illustration was taken on June 29th, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) – The Biden administration is preparing to take actions, including sanctions, to make it more difficult for hackers using digital currency to profit from ransomware attacks, the Wall Street Journal reported https://www.wsj.com/articles/u-s-to-target-crypto-ransomware-payments-with-sanctions-11631885336?mod=latest_headlines on Friday.

According to people who are familiar with this matter, the U.S. Treasury will impose sanctions within the next week.

WSJ reported that the U.S. Treasury department would also release new guidance about ransomware payments. This will include fines as well as other penalties.

The report said that new anti-money laundering and terror finance regulations will be issued later in the year. They are intended to restrict the use cryptocurrency to pay ransomware attackers and other illegal activities.

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