While cryptocurrency, in general, has faced criticism over the years, certain complaints directed towards it have remained consistent and one of these is the claim that cryptocurrency encourages crime by creating a medium through which criminals may carry out the activities. This was not helped by the fact that several times, crimes have been uncovered on the dark web which made use of cryptocurrency to cover their tracks and the fact that crypto-related crime has seen a spike in the last few years, likely due to its overall growing popularity.
At a recent counterterrorism conference in Melbourne, Australian Minister of Home Affairs Peter Dutton stated that cryptocurrency has been used by terrorists to fund their deadly missions and also to avoid detection.
Crypto and Terrorism
During the conference, cryptocurrency was not the only payment method that Dutton spoke on as he also pointed to online payment systems and crowdfunding platforms as means by which terrorists fund their activities.
“The anonymity afforded by such technologies enables terrorist financiers to obfuscate their activities,” he said.
Dutton also criticized several world governments by stating that they need to stay ahead of modern financing measures as well as increase expertise from the outside. This is a common sentiment when discussing cryptocurrency into the future as many believe that the dominance of crypto around the world is an inevitable fact and that it would be in the best interest of many countries to embrace it and potentially work on developing their own cryptocurrencies.
Dutton is not the only one who is concerned about cryptocurrency is being used for terrorism as United States Treasury Undersecretary Sigal Mandelker stated earlier this year that crypto could become the next frontier in terms of terrorism.
“Terrorist organizations and their supporters and sympathizers are constantly looking for new ways to raise and transfer funds without detection or tracking by law enforcement. While most terrorist groups still primarily rely on the traditional financial system and cash to transfer funds, without the appropriate strong safeguards cryptocurrencies could become the next frontier,” the said.