One of the main arguments of those opposed to cryptocurrency, is that it is used to finance terrorism. This argument is actually quite understandable. It’s easy to fear a form of payment, which operates outside of banks’ or government’s control.
Cryptocurrency’s anonymity can be seen as something that would appeal to the terrorist in particular. But apparently – it only seems so.
Europol prepared a 72-page long report, titled “Intenet Organized Threat Assessment 2018”. The document covers various areas of online crime – from child pornography to ransomware attacks. It also touches on Bitcoin and its use (or lack thereof) for various illegal operations.
The report concludes that various terrorist networks could have only been experimenting with cryptocurrencies. Some called for Bitcoin donations in the past, but it was apparently only used to finance their online presence and pay for hosting servers.
“despite the clear potential, none of the attacks carried out on European soil appear to have been funded via cryptocurrencies. The use of cryptocurrencies by terrorist groups has only involved low-level transactions – their main funding still stems from conventional banking and money remittance services” – the report reads.
Cybercrime is a different story altogether…
The fact that cryptocurrency isn’t financing terror, does not mean that it isn’t used in criminal activities at all. Bitcoin is the most commonly used currency in various cybercrimes and plays a huge role in cybercrime monetisation.
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