Hearing: Alternative Payments Threat to National Security Goes Far Beyond Crypto
Alternative non-cryptocurrency payment systems pose a serious threat to the security of the United States, according to testimony presented Tuesday at a hearing of the Subcommittee on Homeland Security, International Development, and Monetary Policy of the House Financial Services Committee. United States House of Representatives. The alternative payment ecosystem must be considered as a whole, and cryptocurrency can enhance national security, the speakers said.
Wilson Center Fellow Scott Dueweke told the US House Financial Services Subcommittee in written testimony: “By focusing only on cryptocurrencies we risk losing the forest for the trees.”
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Money service businesses are heavily regulated in the United States, but those based outside the country may be unwilling to conform to US requirements, including know-your-customer and anti-money laundering, and may be left out. from the reporting requirements of the United States and other Western countries, Dueweke said.