Secret Service taking strong stand against so-called Privacy Coins

The U.S. Secret Service is taking a firm stance against privacy coins such as MoneroandZcash. A top official from the agency has reportedly sought help from Congress by asking lawmakers to make additional regulations for these coins to curb their use for illegal activities.

Robert Novy, deputy assistant director of the Office of Investigations, called these currencies, “one of the greatest emerging threats to U.S. national security” due to their use for illicit purposes, reported Blockchain News & Tech.

He was speaking at a House Subcommittee on Terrorism and Illicit Finance (Committee on Financial Services) hearing titled “Illicit Use of Virtual Currency and the Law Enforcement Response.”

 

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