Unite States Treasury Undersecretary Sigal Mandelker believes that cryptocurrencies may never become compliance if a proper system is not put in place. She reckons cryptocurrencies could be the next frontier in the war on terrorism.
Mandelker made her speech during the 19th annual international conference on counter terrorism. She admitted that most terror organizations still depend on traditional means for their funding. But she acknowledged the growth in the use of cryptocurrencies among terror organizations.
She informed that in February Palestinian Sunni-Islamist fundamentalist militant organization Hamas asked for donations in bitcoin via various social media accounts.
The undersecretary stated that the US would work with governments all over the world to make sure that non-compliant networks and fintechs do not survive in order to keep the country safe.
A recent MEMRI report showed that the use of cryptocurrencies among the terror organizations are increasing rapidly and the launch of Telegram’s coin Gram would make combating money laundering and terror financing more challenging.
Earlier in June congressman, Patrick McHenry said that bitcoin is an unstoppable force and can not be stopped. As the US heads into the presidential elections next year, it would be interesting to observe how policymakers deal with cryptocurrencies.
