terrorist prefer ash over cryptocurrencyA recent report by the RAND Corporation suggests that terrorist prefer that their funding money is not issued in cryptocurrency and instead they should be in fiat currency as cash. This is mainly because of the fact that cryptocurrency has liquidity barriers. These barriers exist mainly because of the regulation and legality of cryptocurrencies and technology.
The issued report was ninety-nine pages long and includes topic elaborating on subjects like how the receipts for funding for terrorist activities are made and how the management and expenditure of the funds are carried out. Cryptocurrencies can only benefit these terrorists because of its decentralized networking system.
This is because the funding can be sent to the terrorists anywhere at any time without any trouble. But that is all the technology can offer these terrorist organizations. In cases like when a large amount of funding has transacted the management and expenditure will require a specific infrastructure and managing the money will require the person to lose their anonymity and that poses a threat to the terrorists.
The report further declares that because of the aforementioned reasons the terrorist organizations are not very keen on adopting crypto space. Even though the terrorists might like to abuse crypto technology’s decentralized system space sabotages their attempts as it does not provide complete anonymity on some stages.
The RAND does believe that terrorists residing in the west can get their funding in cryptocurrency but the convert it into fiat cash to use it. Although it is possible, however, the terrorists will be caught as many banks keep an eye out for any suspicious activity. So this means that if a terrorist organization or a person committing other crimes like money laundering indulges in crypto space it is just helping the government out and sabotaging itself.
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