White House Plans To Review the Potential Role of Crypto Assets in Corruption, According to New Report

The White House is planning to probe the corruption risks associated with crypto assets, according to a recent report.

The White House report titled the “United States Strategy on Countering Corruption” indicates the US government will continue to review the ways corruption contributes to “the risk posed by digital assets.”

Explains the White House,

“Advances in digital technology have dramatically improved the efficiency, convenience, and reach of digital alternatives to cash, and accelerated the usage of and commercial trading in digital assets across the world.

At the same time, digital assets have been used in support of a variety of illicit activities, including proliferation financing, ransomware attacks, human and narcotics trafficking, fraud, corruption, and sanctions evasion.”

The White House also says the US government plans to assist other countries with the “analysis and development” of central bank digital currencies (CBDC).

Additionally, the report notes that the Department of Justice (DOJ) will utilize the newly established National Cryptocurrency Enforcement Team (NCET) to focus on complex crypto investigations, including “crimes committed by virtual currency exchanges, mixing and tumbling services, and money laundering infrastructure actors.”

The DOJ first announced the creation of NCET in October.

Read the full White House report here.

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Featured Image: Shutterstock/Larich/Sensvector


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