British Bankers Unite Against Bitcoin by Linking it to Terrorism
As a former Wall Street banker myself, news of the banking industry's collective influence on the greater society at large always strikes a nerve with me. Banking, in and of itself, is generally a very good thing for societies. People cannot buy major purchases like homes and cars without loans and lawyers involved. Your membership buys you a certain amount of access to credit, equity, and financial assets that the common man normally wouldn't have. Banking is legalized, slightly regulated loansharking. The problem usually comes within the fractional reserve banking aspect and the banking....
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One of the more complex aspects of global terrorist activities is to be traced in financial transactions. And it has become more challenging since the Bitcoin came into the picture. The Bitcoin anonymity favors terrorist funding. Over the past few months, the United States Central Commands have been studying the alternative payment methods terrorist organizations raise and transfer money around the globe to support their activities. Digital currencies proved to be of the most efficient mechanisms for the transfer of funds due to their decentralized nature that facilitates anonymous....
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian and Kenyan central bankers have said cryptocurrencies are too volatile to become an acceptable payment method. The bankers also insisted that cryptocurrencies pose a risk to financial stability, a Reuters report has said. As per the report, the bankers namely, Kingsley Obiora, the deputy governor of....
A new report from a British defense and security think tank, the Royal United Services Institute (RUSI), reveals that reports of terrorism financed through Bitcoin are greatly exaggerated. ‘Treating Cryptocurrencies as an Exceptional Threat is a Misleading Impression’. RUSI consultant David Carlisle said that there is a lot of attention given to the....
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....