Coin Center CEO Jerry Brito has said it is “time to assess” cryptocurrency’s exposure to terrorism in light of the US Congress moving to investigate links.
Brito: Community ‘Shouldn’t Be Concerned’ By Congress
Highlighting preliminary findings from the Center for a New American Security (CNAS), which he describes as “by and large excellent,” Brito said the community should learn not to fear scrutiny from regulators.
“News reports today that Congress may soon commission a study assessing the link between terrorism and virtual currencies have generated concern within the cryptocurrency community, but they shouldn’t,” he began.
No one should want cryptocurrency networks to be used to finance terrorism, and an assessment of how they may be used and how to prevent that use should be welcome.
While its perpetrators’ plan to get rich appears to have stalled, the level of disruption caused has nonetheless placed Bitcoin at the heart of mainstream internet businesses’ latest headache.
Only ‘Anecdotal Evidence’ Of Crypto Terror Financing
The CNAS meanwhile clearly segregates terrorism from comparatively innocuous cyber attacks of this nature.
“Currently […] there is no more than anecdotal evidence that terrorist groups have used virtual currencies to support themselves,” Brito highlights a remark from the report, which he notes is “very important.”
“…There is time to develop an appropriate response to the possibility,” he continued.
The possibility remains precisely that, CNAS confirms, with the overwhelming choice among organized terrorist groups and even individuals regarding funds transfer still being the “legacy financial system,” as Brito describes it.
“They still find it possible to circumvent global rules governing terrorist financing with suficient (sic) ease and frequency that using VCs is unnecessary,” the report continues.
They exploit incomplete