U.S. to target ransomware payments in cryptocurrency with sanctions

New anti-money laundering rules and terror finance rules,which are expected to come later this year, will aim to limit the use of cryptocurrency for payments in ransomware attacks

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken

The Biden administration is preparing to take actions, including sanctions, to make it more difficult for hackers using digital currency to profit from ransomware attacks, the Wall Street Journal reported on Friday.

(Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click here to subscribe for free.)

The U.S. Treasury department plans to impose sanctions as soon as next week, the report said, citing people familiar with the matter.

Also Read | U.S. launches online hub to help ransomware victims

The department will also issue a new guidance on the risks associated with facilitating such ransomware payments, WSJ reported, including fines and other penalties.

New anti-money laundering rules and terror finance rules,which are expected to come later this year, will aim to limit the use of cryptocurrency for payments in ransomware attacks and other illicit activities, the report added.