FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) – The Biden administration is preparing to take actions, including sanctions, to make it more difficult for hackers using digital currency to profit from ransomware attacks, the Wall Street Journal reported https://www.wsj.com/articles/u-s-to-target-crypto-ransomware-payments-with-sanctions-11631885336?mod=latest_headlines on Friday.
The U.S. Treasury department plans to impose sanctions as soon as next week, the report said, citing people familiar with the matter.
The department will also issue a new guidance on the risks associated with facilitating such ransomware payments, WSJ reported, including fines and other penalties.
New anti-money laundering rules and terror finance rules, which are expected to come later this year, will aim to limit the use of cryptocurrency for payments in ransomware attacks and other illicit activities, the report added.