One thought on “What have governments done to address the security challenges?

  1. Arti says:

    dollars and other official currencies. In 2015, proponents of cryptocurrency technologies, including technologists and exchange providers, joined with law enforcement officials and regulators to found the Blockchain Alliance, a public-private partnership. S. The organization says that its purpose is to enable “the blockchain community and law enforcement to work together to help combat criminal activity. Authorities have focused their efforts on exchanges that allow users to convert cryptocurrencies to U. However, because cryptocurrencies hinge on peer-to-peer transactions independent of regulated financial institutions, they have removed an important source of friction for various illicit activities. Many of the largest U. -based exchanges, including Coinbase and Gemini, adhere to strict know-your-customer and anti–money laundering requirements by collecting identifying data from their users, which makes it challenging for criminal groups to convert their cryptocurrency into hard currency. For decades, the global banking system has been subject to heavy regulations concerning money laundering, terrorist financing, and customer identification. National governments led by the United States greatly enhanced these rules in the wake of the September 11, 2001, terrorist attacks.

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