What is the purpose of the US government’s Bitcoin and crypto bounty?

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Governments adopting the ecosystem’s utility and using digital currency as a method to optimize their own operating is one of the major signs of mainstream cryptocurrency acceptance. The US Department of State has made an unexpected offer to pay a reward of up to $10 million in cash or digital currencies (equivalent to 317.83 BTC at the time of writing) in exchange for actionable intelligence regarding cyberattacks organized by foreign nations.

While many other government authorities in the United States provide cash prizes for similar details, this is the first occasion a regulatory body has issued an offer that includes the following:

“Reward payments may include payments in cryptocurrency.”

The agency went on to say that a hotline had been established up for the purpose, using the Tor browser network to protect the tipper’s identity.

“Commensurate with the seriousness with which we view these cyber threats, the Rewards for Justice program has set up a Dark Web (Tor-based) tips-reporting channel to protect the safety and security of potential sources.”

According to reports, the current government is attempting to increase its anti-ransomware measures, as well as the tracking of digital currency payments associated with such assaults.

While the lack of oversight has benefited attackers all around the world, US authorities were reportedly able to capture almost $2 million in cryptocurrency after an attempt on the Colonial Pipeline system, the ransom for which was paid using the confiscated assets.

As per McAfee, cybercrime and similar attacks cost the world economy upwards of $1 trillion each year, or approximately 1% of global GDP. While this decision indicates that the government recognizes the harm that such illegal operations bring, it may also lead to an increase in intelligence being supplied to them since the danger of payment tracing is reduced.

Furthermore, it suggests that the administration is recognizing the feasibility of digital currencies in doing governmental business.

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