Central Intelligence Agency Managing director William Burns said his predecessor at the United States authorities bureau initiated projects focused on gathering intelligence on cryptocurrency.

Fielding a question on crypto at the Wall Street Periodical CEO Quango Summit on Monday, Burns said the CIA was looking to add expertise in cryptocurrencies and blockchain to its team of intelligence analysts in addition to communicating with industry experts. He said the challenges from the crypto space "could have enormous impact" on the U.South., given what he has already seen in ransomware attacks.

"My predecessor had started this," said Burns, probable referring to the actions of former acting CIA manager David Cohen. "[They] had set in move a number of different projects focused on cryptocurrency and trying to wait at 2nd- and tertiary-social club consequences as well and helping with our colleagues in other parts of the U.S. government to provide solid intelligence on what we're seeing as well."

Screenshot from Wall Street Journal'southward CEO Council Summit on December. half-dozen

He added that building such knowledge on crypto was "an important priority" for the agency, and he planned to devote "resources and attending" to it. The CIA director did non mention specifics on the direction the agency planned to have in regard to fighting cyberattacks but hinted information technology would aim to "get at the financial networks" for criminal groups using digital currencies for ransom.

Burns, who assumed the director position in March, saw hackers demand millions of dollars in crypto over an attack on the Colonial Pipeline system in May but also a task strength from the U.S. government reply past recovering the majority of the lost funds. Michael Morrell, a erstwhile interim CIA manager from 2022 to 2022, said, "Blockchain assay is a highly effective crime fighting and intelligence gathering tool," i underutilized past law enforcement agencies.

Related: CIA Has Had Keys to Global Communication Encryption Since WWII

There is no fixed term for a CIA manager, meaning Burns will likely serve at the agency at the pleasure of U.South. President Joe Biden. At the time of publication, Biden has yet to announce his picks to fill three empty seats on the lath of governors of the Federal Reserve Arrangement.