Cryptocurrency is a hot topic for debate in the public sphere. The number of companies and patents associated with it continue to skyrocket in the US market. Recently, the United States Senate discussed cryptocurrency during a hearing for the 2021 budget.
Plans to Monitor Cryptocurrency
During the hearing, a senator asked how the proposed Treasury budget would help control suspicious crypto transactions. He also asked how it would help prosecute terrorists and other criminal agencies who finance illegal activities with cryptocurrencies. To this, the Secretary of the Treasury replied that his department is about to deploy some significant “new requirements at FinCEN [Financial Crimes Enforcement Network.”
He added that the Treasury Department wants to ensure that the technology continues to develop. However, it also wants to ensure that cryptocurrencies are not used for the same purpose as old Swiss secret number bank accounts – to conceal stolen funds and to facilitate crime.
The goal is to ensure that the cryptocurrency sphere is safe and transparent, to prevent any money laundering and any other illegal activity.
There are many in the U.S. who support blockchain technology. Many believe it to be the “next big thing” in technology. This gains expression in the growing acceptance of cryptocurrency, including among military contractors and the Federal Reserve.
- How Does Conflict Affect Food Security? - September 14, 2022
- Food Waste and Food Insecurity - August 30, 2022
- Poverty and Food Insecurity - August 10, 2022
- The Impact of Climate Change on Food Security - July 25, 2022
- What Is the Future of Esports after COVID-19? - July 10, 2022
- How Esports Is Poised To Take Over Traditional Sports - June 24, 2022
- How Esports Is Changing the Sports Industry - June 9, 2022
- 4 Tips for Becoming a Pro Esports Gamer - May 25, 2022
- How to Become a Professional Esports Player - May 9, 2022
- Four Common Health Concerns for Esports Athletes - April 24, 2022