- There are many red flags that bitcoin has cropped up over the years.
- This includes the transaction speed as well as its usability from criminals and undesirable individuals.
- However, the leading cryptocurrency has been used to finance terror operations.
There are many red flags that bitcoin has cropped up over the years. This includes the transaction speed as well as its usability from criminals and undesirable individuals. However, specifically the leading cryptocurrency, and just in general digital assets in the space, have been used to finance terror operations. It is understandable as to how this claim has been born too. The link comes as the currency has been notoriously used on the darknet and can be used in any way shape or form.
Of course, it wasn’t created to fund terror groups or jihadists so the reality is that these two are very different and don’t forget it. There is a layer of transparency that distances these two apart. It doesn’t stop regulators from making the argument that bitcoin and cryptocurrency are bad for the world though. Lawmakers have used the terror group comparison for years. One former analyst at the CIA and chief strategist at Cryptocurrency AML Strategies, Yaya Fanusie recently appeared in a podcast to speak his mind on cryptocurrency and terror group organisations.
It’s safe to say that even though they have a hard task ahead, these terrorists aren’t one for not trying. It was stated by Fanusie that in recent years a lot of experimenting has been going on when it comes to these cryptocurrencies which have been laundered from the west into the eastern world. He added that even though there may be hundreds of funds swarming through the blockchain via crypto-transactions, such groups are continuing to learn how to use these cryptocurrencies for financing leaving these international groups to be aware at all times of such outfits.
“What is clear to me is that they’re experimenting, they’re learning. I’ve noticed an increase in sophistication with some to these [terror financing] campaigns”
It will be interesting to see how this plays out. For more news on this and other crypto updates, keep it with CryptoDaily!