As has been published earlier in FinnishNews, most IT security risks are focused on preventing hacking, ransomware and data theft by criminals…
… but criminals thrive because they can use bitcoins and other cryptocurrencies to receive ransom payments. The money disappears without a trace in a micro-second and with a few clicks of the mouse…
The total value of Bitcoins and other cryptocurrencies is more than $600 billion and the total cost of cyber crimes is also rising fast.
Bitcoins have no use in the real economy. We have a well functioning and regulated banking system that stops most money laundering. Cryptocurrencies are not regulated, nor are they controlled by national banking systems. Their activities are allowed to function quite freely even though they cause terrible damage and huge financial losses.
Let’s be clear they are not made illegal by most financial regulators. And there is no logical reason for this state of affairs to continue and needs to be reversed.
It is quite clear that an obvious way to reduce cybercrime is to ban the use of Bitcoins and cryptocurrencies. There would be single loss of wealth for Bitcoin and cryptocurrency owners, but much of this wealth was gained from illegal activities.
Naturally bona fide owners who could prove that their holdings came from legal transactions could be compensated.
Eliminating much of the criminal elements of hacking will allow cyber security resources to focus on the threat from government agencies, such as the Solar Winds hacker.
Although banning cryptocurrencies is not being discussed at present, a big ransomware attack on critical infrastructure could change that quickly. Cryptocurrency investors have no guarantees from anyone, and their accounts could easily be rendered worthless by of any one of dozens of governments.