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Looking for a resume service look no further. White House Takes Aim at Crypto in Scathing Economic Report #digital #finance #strategy #cryptocurrency #currency #money #linkedin #bitcoinnews While the report does not call for an outright ban on cryptocurrencies, it does recommend increased regulation and oversight to address these concerns and mitigate the risks associated with the use of digital currencies for criminal activity. government about the use of digital currencies for illicit purposes. 👉 Overall, the White House's scathing report on cryptocurrencies reflects growing concerns within the U.S. Additionally, the report raises concerns about the potential for cryptocurrencies to be used to evade sanctions and facilitate other illicit activities, such as human trafficking and the proliferation of weapons of mass destruction. 👉 The report also highlights the risks associated with the anonymity and pseudonymity of cryptocurrency transactions, which can make it difficult for law enforcement to track and investigate criminal activity. The report notes that "the lack of comprehensive regulation of the cryptocurrency ecosystem exposes the United States to significant illicit finance risks, including through third-party money laundering services, unregistered foreign-located virtual asset service providers, and convertible virtual currency kiosks." 👉 Another concern outlined in the report is the lack of regulation and oversight in the cryptocurrency industry. According to the report, "cryptocurrency has increasingly become a preferred method of payment for illicit activities, including ransomware attacks, darknet marketplaces, fraud, and the purchase of illegal goods and services." The report highlights several recent high-profile incidents in which criminals have used cryptocurrencies to facilitate illicit activities. 👉 One of the main reasons behind the report's scathing tone was the concern over the use of cryptocurrencies for money laundering and terrorist financing. 👉 On July 23, 2021, the White House issued a report entitled "A Comprehensive Federal Strategy for Combating Money Laundering and Terrorist Financing." This report contained a section on "Combating Illicit Use of Cryptocurrency," which outlined the administration's concerns about the use of digital currencies for criminal activity.
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