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US Military Probes Bitcoins

Digital currencies are used in various

transactions, from peer to peer transaction to
trade and online purchases. Now, bitcoins
undergo US military probe as they are trying to
study and examine as to whether bitcoins are
used in terrorism activities.

US Military Probes Bitcoins

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The policy counsel of the Bitcoin Foundation met the officials from the United States
Special Operations Command to discuss the role of bitcoins or cryptocurrencies in illicit
activities. This discussion took place after the United States warplanes started its missions
in Syria to hunt and topple down the Islamic terror network, ISIS. With the said terrorism
network getting millions of funds from doing illegal activities like kidnapping, illicit oil sales,
etc. , the aim of the US government and its allies is to prevent the network from getting
funds. In inviting experts and proponents of bitcoins, the military get to understand how
their enemies can misuse and abuse the bitcoin platform to acquire funds which can then
be used in their terrorist related activities.

US Military Probes Bitcoins

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Bitcoins for Terrorism Funding

There have been intelligence reports that ISIS utilizes the anonymous features of virtual
currency to acquire funding. With the US military probing into bitcoins and how they can
possible be used for terrorism, the invitation simple called as the Virtual Currency
Workshop was held at the MacDill Air Force in Tampa, Florida.
Bitcoins might appeal to terrorist funders considering that there are no set of regulations
and that monitoring is minimal. To avoid supervisions in channeling funds via the
traditional payment systems, bitcoins can be considered as alternatives as governments
have become more cautious and active when it comes to suspicious financial transactions
after the 9-11 attack. In using bitcoin, ISIS and even other organizations could work their
way through legal barriers in order to generate funds. With bitcoin not actively regulated
and monitored, terrorism funding is possible. Not only do they get to avoid government
taxes, they can also avoid any legal threat. In a report from the Bitcoin Magazine, virtual
currency has its share of downsides and can impose threat especially since the system
can be used to increase the efficiency of terrorist attacks. The anonymity feature of using
bitcoin is one of the concerns. Although bitcoin transactions are public, the people involved
in the transactions are anonymous. The recent high-profile cases only showed the
vulnerability of the bitcoin platform.

US Military Probes Bitcoins

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The Virtual Currency Workshop

The event was organized by the Business Executives for the National Security facilitating
connections between the US military and business leaders. Among them is a group
composed of corporate elites like David Koch and Jeff Bezos.
During the event, many issues and topics were discussed concerning virtual currency. And
in one of the discussions, a question was asked to the officers as to whether the US
military can trace bitcoin. According to the defense official, it is a difficult question but they
are working to find ways to monitor bitcoin activities and monitor any illicit activities that
can be used for terrorism.

Don Sharpe

Don Sharpe is highly-experienced, having worked for over 10 years

specializing in bankruptcy, reorganizations and corporate financial
analysis. He has a solid background in writing with a bias towards
Bitcoin, Business and Stocks. He has published work in NHQ,
American Institute of Certified Public Accountants (AICPA) and The
CPA Journal. Sharpe holds an MBA in Finance from Michigan State
University and a Bachelor of Science in Accounting from University of
Texas at Dallas. More Posts - Website