The U.S. government has announced what seems to be a progressive move towards recognizing cryptocurrency as viable means of payment. The super nation has put up $10 million worth of crypto bounty to anyone who would provide it with information about cybercriminals targeting its infrastructure.
Crypto Rewards Likely to Up-Tick Tip-Offs
The U.S. Department of State has reason to believe that foreign governments have personnel engaging in cyber acts that violate the Computer Fraud and Abuse Act (FCAA). Due to such concerns, the department through its Justice program is accelerating its need to get ahead of these attacks.
The addition of crypto rewards may likely increase the number of tip-offs. The U.S. Department of State set up an anonymized Tor channel on the Dark Web where informants will be initiating contact. Combined with the decentralized nature of cryptocurrencies that offer anonymity and less traceability, informants can be assured of their identity is protected from retaliation.
It is very interesting to note that the U.S. has never once before offered crypto payments for intelligence information. The most-wanted lists kept by the Federal Bureau of Investigations (FBI) and the U.S. Immigration and Customs Enforcement (ICE) agency mostly offer cash rewards. There have been situations where the fugitive is wanted for crypto-related crimes, but the agencies still did not put a crypto bounty.
Does the U.S. Really Support Cryptocurrencies?
The acceptance is very progressive for the crypto community. Before crypto enthusiasts get excited, it is vital to note that the U.S. is offering crypto to an informant who would most likely be a non-citizen.
The U.S. Department of State is targeting cybercriminals working for foreign governments. There is, therefore, a high probability that the informant will be a Russian or Chinese citizen compared to being American. From the observation, we cannot help but question whether the U.S. only supports crypto payments as long as it is in other countries.
Crypto adoption has been received varyingly in different regions. While El Salvador granted Bitcoin legal tender, China is cracking down on Bitcoin miners within its borders. The U.S., on the other hand, is calling for more regulations on cryptocurrencies. Nonetheless, such moves as the inclusion of crypto rewards still show that digital coins have a strong presence in today’s economy.