Bitcoin has been around for well over a decade today. The oldest cryptocurrency in the world has not only risen in its value (which has been soaring lately) but has also created a household name. But following years of research, investigations, fraudulent activities, and governmental warnings, the government has finally put its step down. It is preparing to gear up a robust regulation for cryptocurrency.
That is because a propagandist named Azym Abdullah did not have many requirements to register an account in cryptocurrency. He turned to digital currency years ago, back in 2014. He barely paid a lot, just about one bitcoin. This was 400 dollars back in the day. It was registered in Iceland, and the servers were served around the world. The website demanded donations from its visitors. And all those payments were in, obviously, bitcoin. The document mentioned here has also managed to reveal more, to be specific, 9 other times when terrorists have utilized cryptocurrency as their aid to their activities and fundings.
Reaction To Bitcoin Terrorism
There was an awareness back in 2016 of firms that broke the transactions of Bitcoin, or cryptocurrency in general, into several smaller parts to help aid the identities. Several of such firms were also found to be unregistered with FinCEN (Financial Crimes Enforcement Network). These were 30 of the largest firms that did this mixing that were not any part of any compliance program.
An ex CIA Analyst called Yaya Fanusie is an expert when it comes to implications associated with national securities and cryptocurrencies. He said that he is believing that the US is way beyond its counterparts in Europe when it comes to such matters. But then he further mentioned the need for a newer financial investigating system.
