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Decentralized monetary transactions, together with these executed with digital currencies, have to adjust to anti-money laundering and sanctions legal guidelines, the US Treasury Division mentioned in a brand new report.
The 39-page report, which was commissioned by the Biden administration, concludes there are a number of dangers related to DeFi expertise, which has no actual definition however consists of self-executing transactions between two or extra folks based mostly on the identical blockchain expertise that underpins cryptocurrencies. These dangers embrace abuse by “ransomware cybercriminals, thieves, scammers, and Democratic Individuals’s Republic of Korea (DPRK) cyber actors,” in accordance with Treasury.
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