Is Bitcoin new tool for terrorists?

bitcoin_one_coin_reuters

The Department of Defense is reportedly investigating the possibility of misuse of bitcoin by terrorists.

According to FOX News, the Combatting Terrorism Technical Support Office is spearheading a program that will help the military understand how modern technologies could pose threats to national security, including bitcoin and other virtual currencies.

A memo detailing some of the CTTSO projects states, “The introduction of virtual currency will likely shape threat finance by increasing the opaqueness, transactional velocity, and overall efficiencies of terrorist attacks, the report adds.

While Bitcoin transactions are public, the names and the identities of the people involved in the transaction are kept confidential.

This provides for a safe platform to carry out illegal operations with the secrecy of the cash deal.

While a Treasury Department investigation failed to find any evidence of bitcoin being used to fund terrorism, the anonymous nature of the transactions is seen as a cause of worry.

CTTSO is concerned that anonymous networks are a way to successfully traffic drugs, weapons, people and nuclear tech under the radar, the report said.

Filed in: News

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