By Bentley Kapoor (India)
The rumor is that Bitcoin and other similarly popular cryptocurrencies are being used for various illegal and criminal activities. It is said that various terrorist organizations are being funded via cryptocurrencies.
Monies have been sent through Bitcoin and other cryptocurrencies to launder the funds. Sometimes crypto is being used for evading taxes. Most recently the famous cryptocurrencies are being used by scammers for receiving payments through ransomware.
However, the illicit use of the digital currency is rapidly increasing which has alarmed various countries to take measures. Very recently, the U.S. Department of Justice (DOJ) reported that increased use of Bitcoin and other cryptocurrencies have posed great risk. DOJ has said that the country’s national security is at risk because cryptocurrencies are increasingly being used for illicit activities.
Great concern has been shown by DOJ’s as well as by the digital task force of the attorney general’s office. Attorney General William Bar has stated that he fears that something really bad is about to happen. He noted that it has been observed that various terrorists and their organizations use Bitcoin as a source of exchanging monies. This will put the U.S. Government and its law enforcement agencies in a challenging state, he added.
Also read:A recent report published by AG Office shows that cryptocurrencies, in particular Bitcoin, have been used to fund terrorist activities. In some cases, these have been used to acquire illegal items as well. The report suggested that if nothing is done quickly then it will damage the global financial system.
However, the major hurdle for the global law enforcement agencies is that there are hardly any regulatory framework for cryptocurrencies. Explaining the role of cryptocurrencies, Barr said that it is equipped with changing ways with which humans are accustomed to. However, evolution and innovation in technology are essential yet checks and balances are pre-requisite. Otherwise, it will put in danger the security of US citizens and its financial system.
AG’s report also suggested that the mass-scale adoption of cryptocurrency around the world is at the same time good and bad.
Initially, in the year 2020, the U.S. Department of Defense also showed its great concern over the increasing use of cryptocurrencies. The department said that the so-called Generation Z for hacking and stealing the monies were heavily funded through Bitcoin.
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