Credit to Author: Evan Schuman| Date: Wed, 20 Jul 2022 05:55:00 -0700
Cryptocurrency has always been the payment method of choice for bad guys. Get hit with an enterprise ransomware attack and plan to pay? You’ll need crypto. The key reason cyberthieves love cryptocurrency so much is that it is far harder to trace payments.
That is why a move being attempted by the European Union has so much potential. The EU — in a move that will likely be mimicked by many other regional regulatory forces, including in the United States — is putting in place tracking requirements for all cryptocurrency.
If it is successful, and the EU has an excellent track record on precisely these kinds of changes, cryptocurrency may quickly fade as the thief’s payment of choice.