US Congress To Study Potential Links Of Cryptocurrencies To Terrorism

In yesterday’s Q&A show with Rogue Money I spoke about the potential risks that the recent ransomware demands made for payment in Bitcoin could have on cryptocurrencies.

It should perhaps therefore come as no surprise that a US Congressional subcommittee is developing a bill to assess the use of cryptocurrencies and their links to terrorism.

The Homeland Security Assessment of Terrorists Use of Virtual Currencies Act will see lawmakers working on the text of the bill under the auspices of the House Subcommittee on Counterterrorism and Intelligence.

The link to the actual bill is shown below and it demonstrates that I was right to suggest that the recent ransomware attacks could be something which would come under such scrutiny.

https://www.scribd.com/document/348525420/BILLS-115pih-Rice?irgwc=1&content=10079&campaign=Skimbit%2C%20Ltd.&ad_group=&keyword=ft750noi&source=impactradius&medium=affiliate

 

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2 Comments

  1. Thanks Paul and Lisa

    I heard you speaking about this on Rogue Money and the idea that cryptocurrencies could be compromised in this way is worrying. I don’t know enough about Bitcoin although I do have some 🙂 but from what I understand, it has the potential for a much more transparent/secure way to exchange, a nice alternative to a fiat currency. Gold/silver backed perhaps?

    The idea that the bankers get hold of/control cryptocurrencies is not a nice one, or that it is regulated in a negative way by governments, equally not nice…..

    I don’t trust much of what my government does so The Homeland Security Assessment of Terrorists Use of Virtual Currencies Act is just something that I again, feel leery about.

    We are all uncertain about the future and something like this just makes it more uncertain. Perhaps with my limited understanding of Bitcoin/cryptocurrencies Im not grasping the implications of demanding Bitcoin for ransom.

    Of course Im always looking for clues as to what will come “after”. I just hope it has nothing to do with the cabal who are currently running the show!

    Thanks for your great work 🙂 🙂

    Michele

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