DOJ’s Rosenstein Says Regulatory Authorities Will Not Let Criminals Hide Behind Cryptocurrencies

Europol cybercrime cybercurrencies

The United States Deputy General, Rod Rosenstein, has called for worldwide corporation in investigating cryptocurrency related crimes. The announcement was made at the 87th annual Interpol assembly. In his words:

“We must not let criminals hide behind cryptocurrencies”.

Even if he stated that cryptocurrencies are beneficial in a number of ways, he also acknowledged that cybercriminals use cryptocurrencies to commit many crimes and get away with them. Because of the decentralized nature of the blockchain, these criminals can efficiently commit illicit acts using cryptocurrencies. He cited the recent WannaCry ransomware attack suffered by Alexander Vinnick, the operator of the former BTC exchange as a typical example of how cybercriminals use cryptocurrencies to get away with illegal activities. He continued:

“Also, fraudsters lure people through ICOs promising them new tokens and robbing them off their hard end money. They promote scams, manipulate the market and do many other illegal things”.

Ethereum (ETH) Price Today – BTC / USD

Name Price24H (%)
Ethereum (ETH)
$87.43
-4.77%

When it comes to regulating the use of cryptocurrencies, there must be a multinational collaboration according to Rosenstein. He continued:

“We have to work hand in hand to create a clear regulatory framework regarding blockchain technology. The rule of law should be applicable to the entire blockchain”.

He particularly called on the attendees asking them to deploy policies for regulating cryptocurrencies and make sure that criminals, sanction evaders and terrorists do not abuse the technology. The United State regulators have applied to cryptocurrencies, some laws from its anti-money laundering guidelines. Citing an example, he said:

“The Financial Action Task Force pleads with all the nations around the globe to set clear anti-money laundering standards that will be applicable in the cryptocurrency industry. Virtual service providers should be held accountable. We need to guard against the abuse of virtual currencies”.

Rosenstein And Cryptocurrencies

Rosenstein has been known for fighting for the protection of cryptocurrency investors. In February 2018, he said that the United States Department of Justice is making plans to create a comprehensive strategy that will be used to oversee all cryptocurrency related crimes. Now, he believes that the matter should be tackled internationally and not just nationwide.

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