In a recent hearing before the US Senate Committee on Homeland Security and Government Affairs, the director of the FBI said that cryptocurrency poses a significant issue for the law enforcing agency. He added that it is likely to become even a bigger issue in the future. Senators asked the leaders from different security departments about the role of cryptocurrencies in countering terrorism.
Cryptocurrencies and encryption have made it challenging to fight terrorism
The FBI Director Christopher Wray noted that “whether its cryptocurrency or encryption on devices and messaging platforms; we are moving as a country and world in a direction where if we don’t get our act together money, people communication evidence, facts, all the bread and butter for all of us to do our work will be walled off from the men and women we represent.”
The use of cryptocurrencies in terror financing is something that all governments are concerned about. Last year FBI said that it had an estimated 130 cases involving cryptocurrencies under investigation, from human trafficking to ransomware.