In an unexpected move, the United States President, Joe Biden, teased a possible cooperation with Russia to combat ransomware attacks. The U.S. President and his administration are taking the Colonial Pipelines ransomware attacks very seriously.
According to an article from Cointelegraph.com, the Joe Biden stated:
“Responsible countries need to take action against criminals who conduct ransomware activities on their territory.”
What does this mean for crypto?
It is clear that these ransomware attacks were only possible because of cryptocurrencies. The discussions on the ransomware attacks are harmful for Bitcoin and the rest of the crypto market, as the decentralized nature of crypto allows criminals to easily use digital currencies. Although cryptocurrencies do make it easier for criminals and fraudsters, the US was able to recover most of the ransom paid in Bitcoin. Nevertheless, whenever people talk about ransomware attacks and connect it to Bitcoin, it does leave a bad mark on digital currencies.
Would Biden and Putin work together to regulate cryptocurrencies?
The Russian Central Bank has largely ignored cryptocurrency and made very few public statements on the matter. The Biden Administration has shown that they are capable of taking a hard stance against cryptocurrency due to ransomware attacks. However, relationships with Russia are not good for President Biden and for that matter any politician who is a member of his political party. The Democratic Party in America has accused Russia and Putin quite brazenly about meddling in United States elections. So, what Russia will do in regards to this matter soley depends on Putin’s stance as well as other high ranking officials in the Russian government.
Point being made is that it’s unlikely that Presient Biden has a large influence over Putin. And Putin isn’t going to likely be so eager to work with President Biden, unless he has an incentive. If Putin decides he does not like cryptocurrency, it’s quite possible he would work with the United States in a joint effort to further regulate the industry. According to an article from Cointelegraph.com, President Putin spoke of “electronic deposits” when discussing the payments used in the Colonial pipeline attacks. He did not mention cryptocurrency at all. And in fact, President Biden did not either.
The Biden administration’s response to the ransomware attacks of been bizarre. What agenda does Biden have and why does he now wish to speak with the Russian President? When Biden asked President Putin if Russia had to do anything with the ransomware attacks, Putin denied to have anything to do with it and instead mentioned that the attackers where from the US itself. Not too long ago, Russia was accused for interfering with the US elections, it seems clear that Biden now is suspicious that Russia in other areas as well.
According to Cointelegraph.com, President Biden also said:
“We’ll find out whether we’ll have a cybersecurity arrangement that begins to bring some order.”
It’s a bit concerning how he uses the word “order” while it’s already been suggested in the press several times that Bitcoin and crypto played a major role in the Colonial Pipeline attacks. When he says “order”, does he mean order for cryptocurrency such as regulation? If these ransomware attacks continue to happen and the press is continuing to include crypto and Bitcoin in the scandal, the cryptocurrency industry could receive a lot of negative press in the coming months.
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Aaron is passionate about blockchain and has been an investor in cryptocurrencies for the past years. He enjoys engaging with other people in the cryptocurrency community online, particularly on Telegram, and learning from experts.