Financial safety

Do Terrorist Groups Take Advantage of Bitcoin’s Benefits?

As the bitcoin concept gains more and more supporters around the globe, there are concerns that this digital currency considered a highly secure method may be exploited by terrorist groups for funds transfer. In fact, there are some reports that hint to it.

Several suspicious financial transactions were detected recently. The high degree of anonymity offered by digital currencies makes them a possible preferred avenue for militants in South-east Asia, according to inhomelandsecurity.com. While the surge in the value of bitcoins and similar cryptocurrencies has garnered widespread media attention, security experts say the terrorists use digital currency not to make money, but for ease of moving funds between borders without the regular banking scrutiny.

“Special equipment and database are already in place to help analyze these patterns. Identity is key to uncovering terrorist activities. We can monitor and trace the origin of the fund, but to know who’s behind it is very tricky,” one source said.