Is Growth of Terrorism Linked to That of Cryptocurrency?
Diverse Uses of Anonymous Payment Methods
Here we take a look at how growth is being hampered by terrorism. The growth of cryptocurrency faces problems that need active solutions. To solve this, we need to understand it fully.
- Ease of making and receiving payment increases trade
- Removes the need for identification and verification each time you transact online
- Anonymity brings a certain amount of peace and freedom
- Criminals possess knowledge of transacting with Cryptocurrency
- Monitoring transactions involving huge sums of money (for funding terrorists, the case in hand) may be possible on a daily basis
Growing Menace of Terrorism and Cryptocurrency
The main lifeline for terrorists is money. They need it to buy arms and get food and supplies. While there are many terror outfits that are ready to supply money, a tangible and anonymous means has not existed until now. Crypto-currencies like Bitcoin and Dogecoin are becoming increasingly used for most of the purchases and payments.
While the man on the street is yet to get into this groove, the majority of the internet users realize the significance of this virtual decentralized currency. So, also the terrorist outfits across the globe! They now can send and receive payments that they could not previously dream about. Controlling terrorists by controlling the flow of money is fast on its way out of the window.
Need for Control and Mediation in Currency Transaction
There has to be an answer to this burgeoning question. Solutions exist but implementation still has to come from the top. Every nation is at war with the other in some sense. They may not be throwing bombs at one another but they will oppose any move that the other makes.
If we want to stop war by preventing sale of guns, America and a few other nations will be up in arms to prevent such a move. If we try to cut of the food supply to the regions engaged in terrorist activities, humanitarian groups will be there chanting slogans. This leaves us the only option for control — outright war.
Mediation has long been on the minds of many organizations. Other than the United Nations organizations like UN Peacebuilding Commission or UN Department of Political Affairs, there are many country-based missions too. Some of them are French Development Agency, Federal Department of Foreign Affairs (based in Switzerland), and UK Department for International Development.
Bottom line on Online Currency Expansion
Since we cannot determine with any degree of certainty that criminals will not use or cannot be obstructed from using online currencies, we cannot put a stop to expansion of terrorism funding through this source.