Crypto: Would controlling the sector make the internet more reliable?

The more time passes, the more cryptos are subject to restrictions. Sanctions never end on the sector. To top it off, a UN executive made a statement at the World Economic Forum on August 18 that once again draws attention to the field.

For or against the control of the crypto sector?

If the decentralized side of cryptos has a big influence on the adoption of these assets, the statement by the Executive Director of the UN Office on Drugs and Crime, Ghada Waly, may well change some things. Indeed, the latter is convinced that the Internet would become much safer if the American government had a sector control crypto.

For her, the growth of cryptocurrencies increases the rate of illegal activities. Money laundering and theft are on the rise and there is no stopping it. As such, it invites the US government to monitor the use of crypto assets in addition to building the capacity of stakeholders.

Waly acknowledges that many US jurisdictions lack comprehensive laws capable of combating the growing risks of cybercrime. Nevertheless, the United States is beginning to take steps to regulate the sector.

US Treasury increases sanctions against digital assets

The rapid growth of cryptocurrencies worries institutions. US regulators, after long warning about the risks associated with cryptos, are finally deciding to take action. Indeed, the Office Foreign of Assets Control (OFAC) began its initiative in 2017 against Iran.

However, its offensive does not stop there as the US Treasury has recently set its sights on crypto mining. More and more digital assets are in the crosshairs of the latter.

Among others, the main cryptos, bitcoin (BTC) and ether (ETH). Recently, it was Tornado Cash that fell into the clutches of the regulator. The latter is currently under sanctions because regulators believe that hackers are using the site to erase the traces of their crimes.

The United States continues to deploy sanctions and regulations against the crypto sector. While these methods are unacceptable to some, Ghada Waly believes that these measures are necessary since the cryptosphere needs to be controlled if illegal activities on the Internet are to be avoided.

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