Cryptocurrencies that are currently not viable for terrorist financing: Think Tank

Cryptocurrencies are not well suited to the needs of terrorist groups, the non-profit think tank RAND Corporation of the United States states in a report published on March 27.

The report, entitled "Terrorist use of cryptocurrencies: technical and organizational barriers and future threats", focuses on two key perspectives: how terrorists use cryptocurrencies in their current state and how they can use them in the future as the industry evolves.

The authors believe that cryptocurrencies are not currently a significant threat as a means of financing terrorism. However, if cryptocurrencies were to provide anonymity and improved security, coupled with the absence of relevant government regulations, the risk of their potential use by terrorists would increase according to the report.

Moreover, RAND believes that trade in countries without proper regulation or in non-regulated markets, such as Darknet, contributes to a higher risk that crypto is used for unauthorized purposes.

Despite these threats, regulation and monitoring of the sector, together with international cooperation between law enforcement agencies and the intelligence community, can help terrorists use crypto to fund their illegal activities, RAND said.

RAND continues, as long as no crypto hacks pop up and prices remain unstable, terrorist groups are unlikely to make full use of them.

The RAND Corporation (Research and Development) is a global policy think tank in Washington D.C., which conducts research and analysis for the US military. Members of RAND have also contributed to technology, artificial intelligence and the development of the internet.

As Cointelegraph wrote earlier, the US House of Representatives adopted a bill that would set up a crypto task force to combat the use of cryptocurrencies by terrorists in September 2018. It contains a remuneration policy for assisting supervisors in providing information "leading to convictions regarding terrorist use of digital currencies."

With regard to the darknet, the amount of Bitcoin (BTC) to hidden network markets increased by 70 percent in 2018. A recent report from Chainalysis states that darknet activities are relatively little affected by BTC price action and do not necessarily fall when the price falls.

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