A new bill heading to American law is battling unlawful use of cryptocurrencies…
A new bill passed by the American House Of Representatives is set to bring together a new cryptocurrency task force. Lest you think this is the US government reversing it’s thus-far cautious at best approach to crypto, this is instead a new move designed to fight the terrorist use of cryptocurrencies.
The new resolution passed earlier this week, and it goes under the name of the Financial Technology Protection Act. It’s gone through a few amends, and the bill was actually first introduced way back in January.
The stated overview of the bill is “to establish an Independent Financial Technology Task Force, to provide rewards for information leading to convictions related to terrorist use of digital currencies, to establish a FinTech Leadership in Innovation Program, to encourage the development of tools and programs, to combat terrorist and illicit use of digital currencies, and for other purposes”.
The full text of it can be read here.
Within its text, interestingly, is a section now on “preventing rogue and foreign actors from evading sanctions”, that wasn’t there when the bill was first introduced at the start of the year. It goes quite specific on this, too, asking that within 180 days there is the production of “a report that identifies and describes the potential uses of digital currencies and other related emerging technologies by states, non-state actors, and foreign terrorist organizations to evade sanctions, finance terrorism, or launder monetary instruments, and threaten United States national security”.
It’s interesting that this text goes before the American house in the week where it’s claimed that North Korea is using cryptocurrency to undermine international sanctions.
The bill continues its path to the statute books…