The US Treasury Department to ban Bitcoin’s illegal usage

Bitcoin is the leading cryptocurrency that has taken an upsurge in the new currency market. Although Bitcoin has proved to be beneficial to the investors and owner, critics are of the opinion that there can be illicit undertakings at its backend. So as a preventive measure, the US Treasury Department took up the task of investigating the illegal application of Bitcoin. The committee is working towards exploring any illegal activities of Bitcoin that can be beneficial for the dark web world. It is imperative for the investors to know that their assets are safe at Bitcoin and not lying at the exposure of the dark web, who can utilize the digital currency for conducting unlawful practices.

With a vision to put a bar on the illegal undertakings, the US Treasury Department had announced a thorough evaluation of the digital currency transactions that took place in the US Financial Crimes Enforcement Network (FinCEN). This investigation will include a detailed study of FinCen’s strategy in legalizing the digital currency and the probable terrorist financing threats associated with it. The department will further make sure that a Bitcoin dealer abides by the policies of Know your customer(KYC) and Bank Secretary Act (BSA) in order to eradicate any illegal undertakings.