FinCEN’s new digital currency advisor says cryptocurrencies are “just a means”

Michele Korver, the primary digital currency advisor to the Financial Crimes Enforcement Network (FinCEN) believes that crypto property are simply one other manner of transferring worth.

Speaking to Law360 on July 29, the newly appointed Korver stated that cryptocurrency is “just another means of payment or transfer of value that evolves over time, like any other financial technology.”

Korver gave a superb overview of the digital property sector and described it as a pure evolution. “Financial technology evolves over time, and the innovation of cash payments and value transfer will continue,” she stated. “The criminal use of the financial ecosystem will always be there.” She added:

“Personally, I’ve been working in this area for a long time and I find these new technologies cool and exciting.”

Korver joined FinCEN in early July after serving as a digital currency advisor to the U.S. Department of Justice and serving as U.S. assistant legal professional in Colorado for a decade – the place she credited the elimination of the drug with Bitcoin. Human trafficking group, ItalyMafiaBrussels.

FinCEN is a US Treasury Department that collects and analyzes monetary transaction knowledge to fight home and worldwide monetary crimes equivalent to cash laundering and terrorist financing.

In his present position, Korver will advise the incumbent FinCEN director Michael Mosier and the deputy director AnnaLouTirol on strategies to stop unlawful monetary practices.

“In specific, I’ll assist FinCEN in its accountability for implementing banking secrecy in relation to myself [Convertible Virtual Currency], digital currency and blockchain know-how, “she said.

“This additionally consists of guaranteeing compliance between those that provide monetary providers associated to cryptocurrencies or those that act as monetary gatekeepers for a majority of these merchandise and actions.”

Korver believes that cryptocurrencies have become a new focus for lawmakers due to a spate of ransomware attacks targeting well-known US companies and infrastructure.

Related: Senator Warren urges Treasury Secretary Yellen to combat growing crypto threats

On July 28, President Biden signed a letter of intent in which he pledged to improve the security of critical infrastructure following the recent attacks.

The memo directed the Departments of Homeland Security and the Treasury Department to set “cybersecurity efficiency objectives” for all essential infrastructure areas. In addition, the Cybersecurity Initiative Industrial Control Systems was launched to facilitate collaboration between the German authorities and firms that function industrial management techniques on safety points.