Since last few years, the user base in the United States of America was presenting a wide range of opportunities for the cryptocurrency industry. The officials in the white house are now coming out and admitting that the booming market of cryptocurrencies is offering a great hope. However, the only reservations concerning it are the security risks and apprehensions around it.
Even Bitcoin price has dropped low and there are fresh reports in the media that a South Korean exchange, which was trading in bitcoin and other virtual currencies, has declared itself bankrupt after being hacked for the second time.
A senior official in the Trump administration stated that the market is being monitored, and it is not an accurate time to propose if cryptocurrency needed regulations. The White House Homeland Security Advisor, Tom Bossert spoke to the media at a press conference and asserted,
“We do not have a formal position on blockchain currencies and cryptocurrencies at this point. Blockchain technologies operate in a way that there are great hope and promise. They also present some security risks and concern for us,”
Furthermore, Bossert told the press that he is tracking and monitoring cryptocurrencies very closely. He said that the scrutinizing is necessary from a security viewpoint as it may be accountable for promoting cyber crimes relating to money but also for advancements and practices in the counterterrorism policy. In the statement, Bossert emphasized that the government is trying to make sure that blockchain cryptocurrencies are not being utilized to support illicit behavior in ways that the government cannot decipher.
Moreover, he said that there were other people in the administration who were equally following it for the assuring that it can be used economically and from a trade perspective. Bossert, however, cleared the air by saying that he does not have any negative or positive view on it right now, but the administration will have to monitor it closely as the blockchain technology was becoming quite expensive or lucrative.
When asked about if it needed regulation, he said, that he is not prepared to say that now. In the last few weeks, prices of cryptocurrencies Bitcoin, in particular, amplified several hundred times. Also, there is a considerable swell in other currencies as well. Nevertheless, a South Korean cryptocurrency exchange declared bankruptcy after experiencing its second security breach in eight months. Consequently, Yapian, which functions as a Seoul-based exchange known as Youbit, lost a hefty volume of its digital currency reserves.