Skip to main content

Illicit Cryptocurrency Use Targeted in Proposed 2018 FBI Budget

The FBI is requesting $21m and 80 new employees in a bid to investigate emerging tech that could help the agency combat cybercrime.
In a budget request for fiscal year 2018, sent on 21st June, Andrew McCabe, acting director of the FBI, testified to the White House that the agency is facing what it believes are significant challenges in gaining access to digital information – even when it has the legal authority to do so. This notably includes cases that involve "drug traffickers using virtual currencies to obscure their transactions".
It is also the same narrative that the FBI's former Director James Comey put forth last month before the Senate Judiciary Committee.
The challenge, the agency has said, is that the FBI now requires more financial resources to investigate technologies and decipher information transmitted on the darknet. Elsewhere, it is also engaging in dialogues with companies that provide such technology to educate them on the "corrosive effects" that information inaccessibility has on "public safety and the rule of law".
Earlier this year, the privacy-encrypted digital currency Monero (XMR), for example, drew attention from FBI for similar reasons.
A special agent working at the FBI's Cyber Division in New York City said at an event that the agency has concerns such technology will set roadblocks for criminal investigations.
"Developing alternative technical methods is typically a time-consuming, expensive and uncertain process," the agency said.
For more information follow the link below:

Comments

Post a Comment

Popular posts from this blog

How Blockchain Could Help Tech Giant Cisco Reboot

Cisco is changing. The technology firm best known as the supplier of enterprise computer hardware has seen a slow, steady decline in revenue from some of its core products. As a result of an increasing number technological services being virtualized, and the storage of information moving to the cloud, the $158bn firm has been  restructuring  and exploring new ways to capitalize on connected devices. But amidst this change in identity, it's in identity itself where some of the California-based company's most interesting new experiments are taking place. With a series of early stage blockchain  projects , Cisco is now pushing even deeper into what could end up being much more than a way for employees to prove who they are across subsidiaries. In conversation with CoinDesk, Robert Greenfield IV, Cisco software engineer and executive team lead of the firm's Connected Black Professionals resource group, explained how several blockchain projects have evolv...
Post a Comment
Read more

Bitcoin in Africa: Insights from the Continent’s Biggest Bitcoin Exchange

Isn’t it absurd that nearly 326 million people representing 80% of the adult population in Africa do not have access to bank accounts? This wretched situation denies countless of people financial freedom in the so-called dark continent. Bureaucratic tenors and economic exclusion inter alia have paved the way for the current phenomenon. Last year a study of 10 African nations with unusual inflationary ratio had South Sudan registering an unimaginable inflation rate of 295 percent. Egypt had the slightest with 12.30 percent. African governments continue to plunder the riches of the African people through Inflation. This makes it considerably insurmountable for individuals to conserve their resources. Moreover, public sector borrowing has crowded out the efficient private sector that can put credit to good use. The IMF estimates that averagely credit to the private sector is estimated at 30 percent of GDP in Sub-Sahara Africa. CCN spoke to Werner van Rooyen, Head of Business Develo...
Post a Comment
Read more

WANT TO BUY BITCOIN IN SOUTH AFRICA , KENYA, UGANDA, NIGERIA, GHANA OR OTHER COUNTRIES IN AFRICA? SIMPLE.

With the growing awareness around Africa of bitcoin as a crypto-currency, a means of remittance and a creator of  wealth, more and more people in more and more countries are looking to buy it, and asking how and where they can buy it. Purchasing bitcoin is simple. Simply go online and do a search for “Buying and selling bitcoin in South Africa ““Buying and selling bitcoin in Kenya “Buying and selling bitcoin in Uganda ““Buying and selling bitcoin in Nigeria “ or  “Buying and selling bitcoin in Ghana“ – you get the idea.   To help you though:   In South Africa, three of the most common (and trusted) platforms are: www.localbitcoins.com www.luno.com www.bitx.co In Kenya, the most common (and trusted) platforms) are: www.localbitcoins.com www.bitpesa.co whilst other platforms include: www.altcoins.io www.99bitcoins.com In Uganda, the most common (and trusted) platforms) are: www.localbitcoins.com www.bitpesa.co whilst other platforms incl...
Post a Comment
Read more