Incoming U.S. cryptocurrency sanctions will combat ransomware attacks, says report

ZOTAC GTX 1070
ZOTAC GTX 1070 (Image credit: Rich Edmonds / Windows Central)

What you need to know

  • Cryptocurrency is becoming a more mainstream topic for both average people as well as ransomware criminals.
  • The U.S. government, in a bid to quell the growing criminal operations, is reportedly planning various crypto sanctions.
  • The scope and exact targets of said sanctions remain unknown, though it's reported they're not going to target the core infrastructure of cryptocurrency itself.

As more and more people dive into the world of cryptocurrencies and educate themselves on how to mine crypto, the number of bad actors using that knowledge for illegal purposes grows as well. Such growth in the cryptocurrency sector, especially when it comes to the format's appeal to ransomware attackers, has attracted the attention of the U.S. government.

According to a report by The Wall Street Journal, the Treasury Department will soon impose sanctions of some sort against cryptocurrencies, as well as provide new guidance to businesses regarding ransomware payouts. These developments could happen as soon as next week, says the report.

It's noted that the sanctions aren't expected to go after crypto infrastructure as a whole, but rather specific elements that facilitate effective ransomware attacks. In other words, if you're reading this and are worried that investing in the best GPUs for crypto mining may be a bad idea, consider that it could be too soon to tell either way.

In terms of recent news that presents positive aspects of acquiring cryptocurrency, more and more businesses are opening their virtual cash registers to crypto, now including AMC Theatres. AMC said it will start accepting crypto for ticket and concession stand purchases by year's end, meaning you'll soon be able to pay for popcorn, soda, and movies via Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.

Robert Carnevale is the News Editor for Windows Central. He's a big fan of Kinect (it lives on in his heart), Sonic the Hedgehog, and the legendary intersection of those two titans, Sonic Free Riders. He is the author of Cold War 2395. Have a useful tip? Send it to robert.carnevale@futurenet.com.

1 Comment
  • I think this is fantastic news and they're doing it for the right reasons. We can theorize about a better world, a new economic structure for the world all you want. But right now in the real world, cryptocurrencies are mostly used for shady things, ransomware, the dark web, illegal stuff, etc.