CIA director says the agency has “several different projects” that focus on cryptocurrencies

William Burns said building knowledge of cryptocurrencies is “a major priority” for the CIA and plans to devote “resources and attention” to it.

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Current director of Central Intelligence, William Burns, said his predecessor at the government agency had started projects focused on gathering information about cryptocurrencies.

Ask a question about cryptocurrencies at The Wall Street Journal Speaking at the CEO Council Summit on Monday, Burns said the CIA is committed to adding crypto and blockchain expertise to its team of intelligence analysts, in addition to providing connections with industry experts. He said challenges from the crypto space could have a “big impact” on the US based on what he saw in ransomware attacks.

“My predecessor started it,” Burns said, possibly referring to the actions of former CIA director David Cohen. “[They] launched several different crypto-focused projects trying to investigate the consequences of the second and third levels and to help our colleagues in other parts of the US government provide solid information about what we see. “

He added that building such knowledge about cryptocurrencies is “a major priority” for the agency and plans to devote “resources and attention” to it. The CIA director did not provide any details about the direction the agency plans to take in combating cyberattacks, but hinted that they are aimed at “accessing financial networks” against groups. Criminals use digital currencies to extort ransom.

Burns, who took over the helm in March, saw hackers claim millions of cryptocurrencies for an attack on the Colonial Pipeline system in May, but also has a government task force. Michael Morrell, a former CIA director from 2012 to 2013, said that “blockchain analysis is a highly effective crime-fighting and intelligence-gathering tool,” one that has yet to be enforced by the authorities.

Related: The CIA has held the key to encrypting global communications since World War II

There is no set term for a CIA director, which means Burns will likely join the agency to the delight of US President Joe Biden. At the time of publication, Biden had not yet announced his election to the three vacant seats on the Board of Governors of the Federal Reserve System.