Terrorists Prefer Cash to Cryptocurrencies

Last Modified:12 May 2020 17:27:54
Terrorists Prefer Cash to Cryptocurrencies

Many claims based on using cryptocurrencies negatively have been proposed so far. Some critics of this new world believe that the anonymity of transactions and trades space in Blockchain and other infrastructures of cryptocurrencies activity cause an increase in the possibility of terrorist acts. However, it is not true. It seems that terrorist groups are still using cash. Showing disinterest by terrorists in using cryptocurrencies has many reasons; the barriers in cashing cryptocurrencies is a case in point. As a result, cash is still dominant in the world of terrorist groups. Apparently, cash is still the best tool which can be employed for illegal activities.

Different Aspects of Terrorists’ Economic Activities

The aspects of terrorists’ economic activities include earning, management and maintaining incomes and spending it. Using cryptocurrencies only helps terrorists in earning; that is, the application of cryptocurrencies for terrorist groups is limited to receiving money and earning, the reason is that the people from all around the world can send them money without any limitation. Of course, the average use of cryptocurrencies for these subversive groups is efficient, but if is the case that lofty amount of income reaches them through cryptocurrencies, they will face the problem of cashing and approaching real cryptocurrencies.

The Future of Cryptocurrencies and Terrorism

So this hypothesis that cryptocurrencies have provided a suitable ground for economic activities of terrorists is completely null and void. However, if in the future, a cryptocurrency comes to the market which has exceptional security and is not under rigid global rules besides popularity in global trades, the chance for the terrorists to extensively engage in the world of cryptocurrencies will increase. Different terrorist groups have lived well in the absence of cryptocurrencies, and it seems that there is no need to such an infrastructure. As long as there is not the possibility to change cryptocurrencies to a notable real currency price, cryptocurrencies’ ecosystem will not draw enough attention of big and small terrorist groups.

The Necessity of Codifying Clearer Rules in the Field of Cryptocurrencies

The more legalizing cryptocurrencies gets delayed and recognized by fewer governments in the world, the chance of developing limited terrorist activities will be provided on its infrastructure. So it would be better for different countries to think about cryptocurrencies with the cooperation of their central banks and try to develop their collaboration with the world of cryptocurrencies and new technologies such as Blockchain rather than taking a negative stance. Cooperation and accompaniment of cryptocurrencies with the governments can be profitable for both sides and lead to positive and appropriate activities. As one of the active infrastructures in the world of cryptocurrencies, Ripple has been able to take agreement and cooperation of the banks and governments. Of course, the authority of significant people and political figures which is said to be behind this digital infrastructure has not been ineffective in welcoming Ripple.