PRESIDENT Biden may crackdown on cryptocurrency after the White House issued a statement drawing attention to potential pitfalls of the currency such as ransomware and other cyber threats.

It read: “Cyber threats can affect every American, every business regardless of size, and every community.

“That’s why my administration is marshalling a whole-of-nation effort to confront cyber threats.”

The statement also signaled that the US will gather 30 other countries, including NATO and G7 allies, to discuss responses to cybercrime.

“This month, the United States will bring together 30 countries to accelerate our cooperation in combatting cybercrime, improving law enforcement collaboration, stemming the illicit use of cryptocurrency, and engaging on these issues diplomatically,” it read.

Federal Reserve chair Jerome Powell also announced Thursday that there are no plans to ban cryptocurrency in the US, and prices soared 10 percent.

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