Many governments and top agencies across the world are looking at cryptocurrencies and the possible benefits that come with them.
The National Security Agency (NSA) of the United States is reportedly working on a cryptocurrency. The state agency is said to be developing a quantum-resistant digital asset which could revolutionize many systems in the world.
The NSA is one of the most powerful technological bodies in the world, and their entry into the crypto space would change a lot about the industry as we know it today.
Claims that the NSA is working on a cryptocurrency came from William Turton, a reporter from Bloomberg Technology. Turton tweeted about the repeated project after he attended the Billington Cybersecurity 10th annual summit which was held in Washington, D.C.
Anne Neuberger, Director of NSA’s new Cybersecurity Directorate says that the agency will propose hardware and software standards again. Also notes agency is working to build quantum resistant crypto. pic.twitter.com/IIvjz1aTjO
— William Turton (@WilliamTurton) September 4, 2019
Battle to control cryptosystems
The NSA’s development of a cryptocurrency may be a part of America’s efforts to get ahead of the competition in terms of cryptocurrency and its use in geopolitical battles.
Countries such as North Korea, China, Russia, and Iran have stakes in the crypto industry, and these digital assets can be used in the battle for world supremacy.
The United States has suffered several ransomware attacks that are believed to have come from countries and bodies that use cryptocurrencies.
Anne Neuberger, director of the NSA’s Cybersecurity Directorate, said that the NSA has flagged an average of 4,000 ransomware attacks daily and the agency is concerned about the effects of such attacks as the country goes into the 2020 election.
Protection from ransomware attacks
Neuberger said that the NSA’s Cybersecurity Directorate has been created to fight against the threats that come from the influence of countries such as Russia.
The newly established department will also deal with cyberespionage and intellectual property theft threats that come from China.
The director pointed out that North Korea has been creative with its cyber warfare strategies which now involve the use of cryptocurrency. North Korea has been accused of gathering crypto funds in a bid to fund clandestine operations by the nation’s intelligence agencies.
Quantum resistant crypto
Due to the role of cryptocurrencies in cyber warfare, the NSA may be in the process of creating a quantum-resistant cryptocurrency.
The nation that succeeds in creating such a digital asset first will have a significant advantage over all the other countries that are engaged in the battle for control over cyberspace.
Many cases have been reported of agencies and hackers that have accessed billions of dollars in cryptocurrency from exchanges and banks. Many exchanges that offer Bitcoin trading have fallen victim to hackers from around the world.
A leaked report from the United Nations revealed that the body’s Security Council is investigating North Korea on allegations of hacking crypto exchanges and acquiring over $2 billion worth of currency.
These funds are said to be used by the country’s intelligence agency for attacks on Japan and other countries.