Bitcoin as a terrorist threat?
Department of Defense to study bitcoin as possible terrorist threat! A division within the Department of Defense is investigating whether the digital currency bitcoin is a possible terrorist threat. The Combatting Terrorism Technical Support Office is spearheading a program that will help the military understand how modern technologies could pose threats to national security, including bitcoin and other virtual currencies, the International Business Times reported. A memo detailing some of the CTTSO projects states, “The introduction of virtual currency will likely shape threat finance by....
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Contrary to popular belief, Bitcoin is not the preferred currency to fund terrorist attacks. Due to its open ledger accountability and not offering any form of anonymity whatsoever, Bitcoin transactions can easily be tracked from origin to recipient. The main threat comes from insufficient dirty money regulation, especially as far as the UK is concerned. Laundering money is a serious threat to countries all over the world. Unfortunately, there are a fair amount of countries- including the UK – who suffer from insufficient anti-money laundering scrutiny. In doing so, it is much easier to....
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....
Bitcoin may pose a risk for terrorist financing, according to a new report from the Financial Action Task Force (FATF). In a report entitledEmerging Terrorist Financing Risks, released today, the organisation notes that virtual currencies have "attracted the attention of various criminal groups", including extremist organizations. However, while their use among terror organisations could grow in the short-term, the scale of the threat they pose is unknown and should be researched further, it says. "This report presents a number of interesting cases, but the actual prevalence and level of....
Even with the widespread use of cryptocurrencies, traditional methods of funding remain prevalent among terrorist organizations. Singapore’s recent internal security investigations have provided new insights into the financing methods employed by these groups. Related Reading: Jack Dorsey’s Block Faces Federal Probe Over Alleged Bitcoin Transactions For Terrorist Groups Singapore’s Terrorism Threat Assessment Singapore’s Ministry of […]
Virtual currencies such as the Bitcoin are either being used by the foreign fighters of the Islamic State (IS) or are in the process of being used, says a report by the Financial Action Task Force (FATF). Founded in the year1989, the Paris-based FATF is an inter-governmental body which works on measures that may help in combating the flow of funds to the terrorists. In its latest report, titled "Emerging Terrorist Financing Risks," it has pointed out that the Bitcoin and other cryptocurrencies pose a serious threat. Further, the report gave an example of a US national, who was sentenced to....