U.S Congress Introduces Crypto Task Force To Combat Illicit Use Of Cryptocurrencies.

U.S Congress Introduces Crypto Task Force To Combat Illicit Use Of Cryptocurrencies.

2018-09-28 | Robin Williams

U.S Congress Introduces Crypto Task Force To Combat Illicit Use Of Cryptocurrencies.

As per a new bill recently introduced by the United States House of Representatives on 26th Sept. establishing a crypto task force to combat illicit use of cryptocurrencies by the terrorists, public records indicate.

House Resolution [H.R.] 5036, that represents an amended version of the bill planned by  Teddy Budd [R-NC] to the Committee on monetary Services in the month of Jan. earlier this year, establishes an Independent monetary Technology Task Force to fight the illicit use of Digital currency.

According to public records revealed on the official on-line database of the Unites States Congress, the updated version of the bill has been accepted by the entire House by voice voting.

In line with the previous version of the bill that was introduced earlier, H. R. 5036 establishes an equivalent time-frames for inspecting and providing reports on the potential use of cryptocurrencies in the criminal activities. In keeping up with the document, the Task Force ought to give their findings not later than one year after the date of the enactment of the bill.

One of the key amendments of the updated bill is the introduction of new sections on preventing entities from employing cryptocurrencies so as to evade sanctions. The new section is entitled under the name Preventing Rouge And Foreign Actors From Evading Sanctions obliges regulators to report not later than six months of time period after the enactment of the bill on the potential uses of crypto and rising technologies as a method of sanctions evasion, illicit funding along with money laundering.

The new bill introduced also offer a reward policy for aiding regulators in providing info, leading to convictions associated with terrorist use of digital currencies. H.R. 5036 suggests that the reward worth shouldn't exceed by $450,000 USD to any individual who provides data resulting in the conviction of an individual involved in the terrorism use of cryptocurrencies.

Even earlier this month, consultants from the Foundation for Defense of Democracies [FDD] Center on Sanctions and Illicit Finance [CSIF], testified before Congress relating to crypto and terrorist funding. At the hearing before the committee on coercion and Illicit Finance, the FDD CSIF director of research Yaya Fanusie mentioned that crypto could be a poor kind of cash for jihadists while the cold notes continues to be still the king.

Yaya additionally added that the cryptocurrencies and blockchain ecosystem is not innately illicit and not be feared for, since any rising technology are often utilised for either good and bad, depending on the user.

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