US Deputy Treasury Secretary Sigal Mandelker said cryptocurrencies could be the "next frontier" of the war on terror.
According to a press release issued by the US Treasury website on September 11, Mandelk made the above remarks at the 19th International Conference on Counter-Terrorism.
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Cash still dominates
Mandelke admits that most terrorist organizations still rely on a variety of traditional financing methods such as cash, but she also said she believes that cryptocurrency may become "the next frontier":
“Terror organizations and their supporters and sympathizers are always looking for new ways to raise and transfer funds without being discovered or tracked by law enforcement. Although most terrorist organizations still rely mainly on traditional financial systems and cash transfers, if not With appropriate and strong security, cryptocurrencies may become the next area."
Hamas has tried to use bitcoin
She also pointed out that in February this year, the Palestinian Sunni Islamic fundamentalist militant group Hamas requested Bitcoin (BTC) donations through social media. It is alleged that by March, each of the two designated addresses they provided received at least $5,000 worth of bitcoin. Mandelk added:
“Although this does not seem to be a large sum of money, an analysis by FinCEN found that terrorism-related remittances averaged less than $600 per transaction. We know that the cost of implementing a terrorist attack may be very low. But the life of the victim. The price is always very high."
Non-compliant networks will not survive
Mandelk said she recognized that cryptocurrency is a development in the field of value delivery and requires "a lot of energy and expertise." However, she also warned that without a system that would prevent illegal financing, cryptocurrencies might never be compliant, and it is time to let the same technical expertise work. Mandelk added:
“If there are no adequate safeguards to protect our country and community from terrorists, rogue regimes and other threats to us, the United States will work with governments around the world to ensure that non-compliant networks and financial technologies cannot survive. ”
Members of Congress are not sure
The last statement seems to contradict the statement issued by US Congressman Patrick McHenry in July. Patrick McHenry is the representative of the 10th District of North Carolina. He believes that any attempt to stop Bitcoin is futile:
"The world that Bitcoin White Paper's author, Satoshi Nakamoto, and others are building is an unstoppable force."