The CIA director shared the current initiative of the agency in the Crypto industry that how they are working to fight against the challenges, occurring because of crypto illicit use cases.
In the present time, there are several use cases of crypto assets, alongside the use of trading. However the world is using crypto and crypto underlying techniques for fair advantage but few people are using it in unfair ways to Make Money illegally like money laundering, Ranswome attack, drug trafficking with the use of crypto-assets.
William Burns, Director at Central Intelligence Agency, speaking at the Council Summit on Monday in reply to the question of Wall Street Journal CEO, said that the CIA Agency is currently working on adding expertise in the agency, who have lots of experience in crypto. And also with this Agency is trying to add those potential and abilities in the agency that can easily handle the challenges because of the crypto illicit use cases.
According to the director, the crypto industry could have an enormous impact” on the US. And Ranswome attacks are the latest example of such problems.
Further, by considering the action of the former CIA, he said:
” (they) had set in motion several different projects focused on cryptocurrency and trying to look at second-and third-order consequences as well and helping with our colleagues in other parts of the U.S. government to provide solid intelligence on what we’re seeing as well.”
William also said that getting perfect information on the crypto was the primary need of the agency, that is why they planned to Focus on the “resources and attention”.
However, the CIA director didn’t hinted toward the specific field to focus on crypto to restrict illicit use but he hinted that the Agency is trying to work on the challenges because of crypto in the financial industry like Ransomware attacks.