March 22nd’s morning saw an attack on Brussels, Belgium killing at least 34 people. Will virtual currencies be increasingly under the scanner as a result? Frequent attacks on Europe seem to be an unfortunate reality, given that the attack on Brussels Airport and the Maalbeek Subway Station came just four months after the Paris attacks on November 13, 2015. Terrorism is now a global phenomenon with global connotations. These type of terrorist attacks mean that terror financing is a deep concern of security agencies, governments and the public.
As virtual currencies increasingly under the scanner, is there scope for weeding out illegal use of Bitcoin and other Cryptocurrencies by terrorists and their sympathisers? Will the dragnet of government regulations bring down the very edifice of BitcoinCT r: 8 ? Let us explore the answer to these questions among the grim and sinister backdrop of the attacks in Belgium. Will terrorist attacks destroy the virtual currency?
Bitcoin as well as other Cryptocurrencies are in the crosshairs of governments. In fact the European Union is considering tightening its hold on virtual currencies like Bitcoin and on prepaid cards as well. The multinational bloc wants to bring increased regulation in play starting June 2016.
New financial tools such as virtual currencies create new challenges in terms of combatting terrorist financing. Highly versatile criminals are quick to switch to new channels if existing ones become too risky – European Union
The concerns of national governments are not completely baseless and unfounded, as the Paris attackers of November 13 used prepaid cards to pay for hotel rooms. What is being done?
We must start out by saying that government issued fiat money is completely untraceable in its cash form. Eric Grill of CoinOutlet , a provider of Bitcoin ATMs has his say. “I think virtual currencies […]
