RATE Group | Cryptocurrency Is Not Conducive for Terrorism, Says Defense Expert to U.S. Congress
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Cryptocurrency Is Not Conducive for Terrorism, Says Defense Expert to U.S. Congress

09 Sep Cryptocurrency Is Not Conducive for Terrorism, Says Defense Expert to U.S. Congress

Posted at 07:20h in Cryptocurrency News by

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Despite tired rhetoric that speaks to the contrary, cryptocurrency is an inefficient form of money for terrorist organizations. However, one expert believes the U.S. ought to take steps to prevent its adoption as a sanctuary financial conduit for global terrorist networks.

Not Many Cryptocurrency ATMs in Rough Terrain, Mountains

According to Yaya Fanusie, a senior member of the Foundation for Defense of Democracies Center on Sanctions and Illicit Finance, cash is still the preferred form of money for terrorist organizations. In a testimony delivered before Congress, Fanusie declared that despite concerted efforts, terrorist networks have been unable to utilize cryptocurrency to fund their activities.

Writing for Forbes, Ted Knutson highlights the operational headaches associated with using virtual currencies to support jihadist agendas. Being a highly capital-intensive endeavor that requires anonymity, Bitcoin and other cryptocurrencies would seem like the perfect fit. Alas,…

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