While terrorist groups such as Hamas are using cryptocurrencies in their activities a growing trend, their use is still limited compared to other more traditional alternatives, explained U.S. Deputy Treasury Secretary Wally Adeyemo during an event hosted by London’s Royal United Services Institute. “What we know is that terrorist grous and people who wish to make funds illicitly, are quite willing to use emerging technology for this unsafe means of financial aid,” said Adeyemo. He further said that although such activities have been existing since the 2001 resolution of international sanctions, crytocurrencies are rapidly gaining momentum as a means of evading detection and financial regulation.
Adeyemo proposed that the existing loopholes inthe crytocurrency system, such as coin-mixing framework be looked after “so that organisations like Hamas do not benefit from it.” Furthermore, he expected the FinTech firms, e-commerce setups, and other players in the cryptocurrency market to take prudent steps to bar criminals from these digital treasuries. Additionally, Adeyemo highlighted that the United States and its partner nations will intervene to restrain illegal financial processes if the firms don’t, saying “if they do not take endeavours to prevent illicit fund movements, the United States and our allied cause will.”
