Cryptocurrency is a powerful weapon used to overthrow governments. Terrorists are taking advantage of this new innovation in the finance industry. However, it’s not just cryptocurrency that is being used to facilitate terrorism activities; huge sums of fiat money transactions have been made worldwide to support the same act.
The US law enforcers go on with their campaign against terrorism financing. Now, they have blocked and confiscated around $2 million worth in cryptocurrency from accounts allegedly involved in terrorism financing.
Since the birth of Bitcoin, cryptocurrencies have been criticized for supporting illegal activities including terror operations, drug trading, human trafficking, money laundering, sex, frauds, monetizing ransomware, purchasing illicit products, and many others. People know how that accusation can damage the reputation and legal status of cryptocurrencies.
An unidentified message was sent to the Russian Railways intimidating with thrilling violence of bombing stations if a named amount of cryptocurrency in bitcoin worth $642,815 (50 BTC or approx. 30 million rubles) aren’t transferred to them as soon as possible. The event has tempted the country’s police to start the investigation into the matter.
It is now time to silence all those people who were tarnishing the image (and are against the adoption) of cryptocurrencies including Bitcoin by claiming that they are being used to fund terrorist activities since a new report by the RAND Corporation has discovered that terrorist organizations are the number one haters of digital currencies. Terrorists prefer cash over anything else.
Terrorist groups including Islamic State, Al-Qaeda and many others have fruitlessly tried to collect money via Cryptos such as Bitcoin and Ethereum, an ex CIA analyst told Congress on September 7, as per Forbes.
The major financial market regulator the Israel Money Laundering and Terror Financing Prohibition Authority has created a fintech draft which is aimed at helping to track and control suspicious cryptocurrency activity, according to a local news company’s post published yesterday, May 28.
The Bitcoin blockchain has survived many accusations since its start, including ones calling it a terrorist tool and a drug dealer platform. Recently, it was claimed to contain child pornography and anyone who downloads the blockchain to be guilty in the terms of the law.
The European Union is planning a database that will assign every cryptocurrency wallet to its holder’s identity. After recently being hit hard by Terrorist activities, the EU believes a lot of the funding for terrorism is done anonymously through bitcoin.