According to the national security advisor, Biden is discussing the role of cryptocurrencies in ransomware attacks on the G7

According to Joe Biden’s National Security Advisor Jake Sullivan, the President of the United States will speak directly about cryptocurrencies in relation to his role in the Colonial Pipeline attack and other ransomware violations.

At a press conference on Monday in the White House Sullivan said US officials, apparently including Biden, would see a plan of action regarding the ransomware attacks during the president’s visit to the G7 summit this weekend.. The National Security Advisor said this plan should address resilience to such attacks, sharing information with other democracies, and dealing with the challenge of cryptocurrencies.

Sullivan said that cryptocurrencies are “at the heart of these ransom transactions,” citing cyberattacks as a “national security priority” for the US government, especially for “critical infrastructures.” His remarks come after hackers broke into Colonial Pipeline’s network in May and allegedly forced the company to pay a $ 4.4 million ransom.

According to the national security advisor, Biden is discussing the role of cryptocurrencies in ransomware attacks on the G7
According to the national security advisor, Biden is discussing the role of cryptocurrencies in ransomware attacks on the G7

“It has to become a priority in the future,” Sullivan said, referring to the G7 addressing these types of ransomware attacks. He described the matter as “a security threat of a different magnitude that the Alliance must deal with in ways it has not in the past.”

President Biden has remained largely silent about cryptocurrencies and blockchain as an individual, both as Vice President under Barack Obama and in his campaign for cargo.or. Last July, the then candidate Biden He said that he ran out of Bitcoin (BTC) in a Twitter update following a massive hack that took over high profile accounts and asked his followers to send cryptocurrencies.

However, Its management is reviewing existing rules for cryptocurrencies and determining whether new restrictions are needed to protect investors after market volatility. Since hitting an all-time high of around $ 65,000 in April, Bitcoin has fallen more than 44% to $ 35,588 at press time.

The G7 summit will take place in the UK from June 11-13. It is Biden’s first trip abroad as President of the United States since his inauguration in January.

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