Will Bitcoin Be Used To Fund Terrorism?
One of the charges that has been levied against Bitcoin is that it is involved in the funding of terrorism. In the current media, such a charge is highly damaging, but is it entirely without foundation? In an article titled "'Bitcoin and the Charity of Violent Physical Struggle,' supporters of the Islamic State of Iraq and Syria (ISIS) called for terrorism-supporters around the world to fund a global jihadist campaign by using Bitcoin. The blog advises ISIS on how Bitcoin can facilitate the anonymous transfer that suit the needs of an army in jihad. However, the pro-ISIS blog that....
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A new US Treasury Department study reports that bitcoin could possibly be used to fund terrorism but says the actual risk posed remains uncertain. The National Terrorist Financing Risk Assessment, published 12th June, includes virtual currencies on a list of "potential emerging" risks as a tool for funding terrorism, stating that bitcoin "may be vulnerable to abuse by terrorist financiers". The report notes: "Given the attractiveness of virtual currency to conduct illicit financial transactions, the possibility exists that terrorist groups may use these new payment systems to transfer....
What seems more likely, however, is how organizations like IS get their funding through money laundering, a scheme that has been plaguing traditional finance for quite some time. The topic of the involvement of Bitcoin in terrorism funding has been kicked around a few times in the past, but it looks like there is no end in sight. Amit Kumar, a US-based terror expert, feels it is vital to disrupting terrorism financing, references to Bitcoin in this context as playing a role that further warrants investigation. It is not the first time someone mentions Bitcoin and terrorism funding in the....
"I see the promise of these new technologies, but I also see the reality: cryptocurrencies have been used to launder the profits of online drug traffickers; they’ve been a tool to finance terrorism," Yellen said.
Digital currencies such as bitcoin are attractive for terrorism financing, according to Australia’s financial intelligence agency, AUSTRAC, which is calling for them to regulate it under its anti-money laundering and counter-terrorism financing laws. A report published by AUSTRAC, Terrorism financing in Australia 2014, stated that terrorism financing was turning its attention to electronic and online payment methods, which is likely to rise over time. The report said: Terrorist groups engaged in radicalisation, recruitment and communication online (such as through social media) are a....
The United States government just can't quite decide whether to regulate bitcoin, or deem it a threat by declaring it a form of financial terrorism. The digital currency regulated only by mathematics is now being seen by government officials as an emerging threat, possibly to national security. According to IB Times, a counterterrorism program being conducted by the Combating Terrorism Technical Support Office (CTTSO), a division of the Department of Defense (DoD), is seeking help from vendors asking for information on "state-of-the-art technologies" that could potentially pose a threat to....