ISIS and Bitcoin
While some of the big entrepreneurs have come forward to support the usage of Bitcoins, terrorists have also spiked their interest in the virtual currency, but this time, their interest could further jeopardize the development of bitcoin. As per Sky News, the Islamic State of Iraq and Syria (ISIS) is keen to employ bitcoin as a mode to finance their terrorist activities.
Masking Abilities
Further, Sky News referred to a blog post with title ‘Bitcoin and the Charity of Violent Physical Struggle’, suggesting that the article threw light on how the virtual currency could be used by terrorist for funding their activities just because of the masking abilities that bitcoin offers to them. The article now adds more fuel to the doubts, often raised by the law enforcement and government agencies about the possible misuse of the currency by a set of people or group. In fact, most of the current laws pertaining to the Bitcoin finds its source from these concerns.
The blog referred by Sky News also establishes the fact that bitcoin is making the task of anti-terrorist authorities tougher as transactions through services like that of DarkWallet are highly untraceable. Moreover, the use of bitcoin is also becoming a huge gateway for tax evasion. The concerns raised in the blog has weight, which could find its relevance from the way Silk Road, an illegal marketplace, worked back in November 2013, when it was last raided. It should be a point worthy to note that the Silk Road was raided by the FBI in November, as it was supposedly involved in illegal activities like exchange of drugs, weapons and other activities including terrorism.
Time To Control
When most of the globally recognized currencies go through a deep surveillance system for possible manipulative money movements, Bitcoin and other digital currencies might open a door for terrorists to transact through them without being getting traced. Altogether, the article has yet again contributed to another reason as to why Bitcoin should not remain without control.
July 08, 2014 at 08:18AM
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