The US Department Of Justice Released a Report Highlighting the Risks of Cryptocurrencies

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William Barr, the US Attorney General, unveils a particular report named: “Cryptocurrency Enforcement Framework,” which highlights the existing risks and challenges surrounding cryptocurrencies and mainstream adoption. Notably, the report also provides the Department of Justice’s plans to deal with such issues.

The particular 83-page document gives a general overview of crypto’s inherent risks, specifically, how criminals can easily utilize them for various illicit activities. As per the DOJ, cryptocurrencies are still being used to support terrorism acts, purchase from the black market, conduct severe extortion, and money laundering schemes. The DOJ then noted that it has worked tirelessly for two years to come up with this report and how it may best address these concurrent issues.

Attorney General William Barr states that cryptos are a form of technology that can essentially mold how humans presently interact – it has the power to transform society as a whole. According to him, ensuring that the utilization of such is kept safe is crucial for public safety and even national security. Barr makes it abundantly clear that the DOJ wants America to pay better attention and crackdown on the digital assets.

That being said, the report also says that cryptos – when used in the right circumstances – could prove beneficial to the United States. According to the report, for cryptocurrencies to realize its genuinely revolutionary potential, it is vital for these risks to be promptly addressed. Attorney General Barr clarifies that the DOJ is not against cryptocurrencies. It just wants it to be utilized for the betterment of all instead of being a key to various illegal activities.

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