[2017-05-18] U.S. Government to Research Role of Virtual Currencies in Terrorism

[jamie.redman1]

Following the ransomware epidemic this past weekend, Kathleen Rice, a Representative from New York’s 4th congressional district submitted a bill asking the Secretary of Homeland Security to “analyze and disseminate a threat assessment regarding terrorist use of virtual currency.”

The proposed bill submitted by the U.S. House of Representatives Democrat is called the “Homeland Security Assessment of Terrorists Use of Virtual Currencies Act.” The newly introduced bill says the term “virtual currency” covers a “digital medium of exchange, unit of account or a store of value.” The threat assessment should begin 120 days after the date of the enactment of the proposed Act, the bill explains.

“Secretary of Homeland Security for Intelligence and Analysis, shall, in coordination with appropriate Federal partners, develop and disseminate a threat assessment regarding the actual and potential threat posed by individuals using virtual currency to carry out activities in furtherance of an act of terrorism, including the provision of material support or resources to a foreign terrorist organization.”

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