US to Unite 30 Countries in Fight Against Illegal Use of Cryptos

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The United States will bring 30 countries together to step up cooperation in the fight against cybercrime and curb the illegal use of cryptocurrencies, president Joe Biden has said.

Biden has said in a statement issued by the White House last Friday:

“We will bring together 30 countries to accelerate our cooperation in combating cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency.”

The US president has also noted the coalition of countries will protect and invest in 5G technology and ensure greater security of supply chains. The statement does not specify which countries are invited to the event and in what format it will be held.

The chairman of the US Federal Reserve (Fed), Jerome Powell, has previously said the United States does not plan to ban cryptocurrencies, but considers it necessary to tighten control over stablecoins. In addition, the country’s Finance Minister Janet Yellen has said the Internal Revenue Service (IRS) is preparing a detailed regulation of the cryptocurrency sector.