Cryptocurrency regulations have long been an area of concern for governments and internal security departments. It seems that the intelligence departments are now actively engaging with crypto, and might have been doing so for a long time. It does not come across as shocking since cryptocurrency has immense potential in both positive and negative ways. For instance, financial crimes using cryptocurrency account for more than 90% of all financial crimes in the United States. To minimize risk and protect investors, the intelligence department has to be on its feet constantly.
Director of CIA William Burns recently said that the CIA is looking into various aspects of cryptocurrency and improving its understanding of how the system works. He spoke about the subject at a conference with top CEOs of the country. Burns also mentioned that the CIA had been working in this area for quite some time now and has already made progress. It can be understood from the recent successful operations to recover plundered money and cryptocurrencies.
Since the inception of cryptocurrencies, they have been a favorite tool of anti-social elements. On the other hand, governmental bodies have entered the arena much later. Naturally, criminals now have a head start, and the CIA and other agencies will have to ramp up efforts now. Burs said that the CIA is dedicating substantial research and development to cryptocurrencies. The agency will soon be more competent than ever in dealing with crypto criminals.