Bitcoin anonymity and private nature makes it ideal to transfer money internationally. Remittances and trade are just a few of the legitimate purposes Bitcoin and crypto have. As with users of any currencies terrorists can easily make use of Bitcoin to transfer, purchase and even organize attacks. The latest conference between many of the leading countries underwent this week as experts sought solutions to the ever increasing use of Bitcoin in terrorism.
Bitcoin uses for terror groups extend beyond means of transferring assets. The Blockchain technology has also been made use of to transfer assets. The sheer private nature of transactions made on the Blockchain mean that these transactions are essentially untraceable and unlinked to identities. FinCen and other invited crypto exchanges were also invited as the conference discussed the future of law enforcement agencies in a world every increasingly steeped in cybercrime.
Terrorism in Nigeria has slowly risen to current levels as terrorist groups such as Boko Haram increase activities around the country. President Buhari has constantly provided reassurances that he will crack down on the fear being instilled around the country. However the simple fact is as long as funding exists these groups will too. This was one of the many legitimate concerns brought up in the conference as the techniques to hide the payment trails between terrorist become more sophisticated so will tracing technologies.
“Whereas Bitcoins and comparable products were seen as major threats for security and justice just a few years ago, the traceability of transactions is nowadays used as an instrument to investigate crimes and prosecute the perpetrators.”
To conclude the potential for Bitcoin and its respective Blockchain technologies to allow the monitoring of terrorist groups is huge. The meeting of over 90 leading experts and police forces from Canada and the US reflects the scale of the problem but the level of dedication and commitment to make sure those abusing bitcoin for terror purposes are put away for good.