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Digital currency advisor Michele Korver labels cryptocurrency as just another mode of payment

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  • Cryptocurrency is a natural evolutionary product of financial technology
  • Overtime innovation of money payments and value transfer will continue
  • Will help in strategizing the prevention of unlawful financial practices

FinCEN’s new digital currency advisor Michele Korver labels cryptocurrency as just another mode of payment. Cryptocurrency is a natural evolutionary product of financial technology. 

Crypto assets are just another mode of transferring values.

Michele Korver is the first chief digital currency advisor for the Financial Crimes Enforcement Network (FinCEN). She believes that crypto-assets are just another mode of transferring values. Speaking to a prominent media daily on July 29, Korver termed cryptocurrency as just another payment route or a transfer of value, which evolved with time just like any other financial technology. 

A digital asset is just another product of evolution.

Korver said that financial technologies evolve as per the need of time and the digital asset is just another product of evolution. Financial technology always remains in a state of dynamic flux and changes as per the needs of the time. Therefore over time, innovation of money payments and value transfer will continue. She also added that illegal use of the financial ecosystem would also co-exist.

Korver said that she has worked in this space for some time now and considers the evolving technologies cool and exciting. Michele Korver was appointed to FinCEN at the start of July. She had earlier served as an assistant U.S. attorney in Colorado as digital currency counsel for the U.S. Department of Justice. During her stint as assistant U.S. attorney in Colorado, she was instrumental in breaking the Bitcoin-powered drug trafficking organization, ItalianMafiaBrussels.

FinCEN was created as a separate entity of the U.S. Department of Treasury for collating and analyzing financial transaction data to tackle domestic and international financial crimes, such as money laundering and terrorist financing. In her present capacity, Korver will advise FinCEN acting director Michael Mosier and deputy director AnnaLouTirol, in strategizing the prevention of unlawful financial practices.

Michael Mosier will assist FinCEN with its responsibilities, including implementing the Bank Secrecy Act related to [Convertible Virtual Currency], digital currencies, and blockchain technologies. The Bank Secrecy Act enforces compliance among those who provide financial services involving crypto or serve as financial gatekeepers of crypto products and activities.

Korver believes that the recent deluge of ransomware attacks targeting high-profile U.S. companies and infrastructure has increased the urgency for lawmakers to have a uniform policy towards the crypto sector. In addition, the incident led to President Biden signing a memorandum that envisages strengthening cybersecurity for critical infrastructure on July 28.

The memorandum instructs the Department of Homeland Security and the Treasury Department to set up cybersecurity performance goals for all critical infrastructure sectors. It also seeks to establish the Industrial Control Systems Cybersecurity Initiative to streamline cooperation between the federal government and companies that run industrial control systems on security matters.

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