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Woman laundered money to people in China, Pakistan and Turkey, then planned to travel to Syria. The tool is bitcoin, the virtual currency created and exchanged using a decentralized network of computers, without the involvement of government and banks. Because bitcoin transactions can be completed anonymously, the virtual currency is an ideal way for criminals — including terrorists — to hide their financial transactions from government agencies and law enforcement.
Bitcoin can be sent anywhere, converted into cash, and deposited in banks. Terrorists can then use the cash they get from their converted bitcoin to buy weapons, clothes, food, pay rent and cover their other expenses. There is a slow uptick in reports of terrorist bitcoin use in Virginia, Illinois, the Gaza Strip and Indonesia.
As a result, bitcoin may be ushering in a new era when the United States finds it nearly impossible to stop the financing of terrorism. It was the largest reported instance of terrorist financiers allegedly using murky virtual currencies to avoid scrutiny.
The trend will grow in the future. The United States has been the key player in ensuring the integrity of the global financial system. Most countries and international firms have followed U. Because of the dominant dollar share of global foreign exchange reserves 64 percent , global payments 42 percent of international payments , and global investment 59 percent of international loans , most financial transactions transit U.
Any such business is exposed to U. Global banks pay close attention and now many of them have intelligence units that share information with each other and with governments, unearthing suspicious patterns of terrorist activity. This detection and sharing work has allowed the successful discovery and disruption of illicit networks globally.
Eventually, however, bitcoin and other cryptocurrencies could make the global regulatory system to block terrorist financing obsolete. Without a central authority, U. Being shut out of the U. Furthermore, bitcoin transactions do not have to flow through the U.
Today bitcoin remains a minor funding mechanism for terrorists. It is much easier to use traditional banking services or cash to fund terrorism than virtual currencies. Nevertheless, there is a slow uptick in reports of terrorist bitcoin use in Virginia, Illinois, the Gaza Strip and Indonesia. As virtual currencies grow, some of these chokepoints will disappear.
Libertarian and technological evangelists welcome the decentralizing effect of cryptocurrencies, noting that the new system deprives governments of control over the money supply. Mainstream financial technology entrepreneurs are attracted to virtual currencies because they believe they can offer greater efficiency, reduced transaction costs and a freer flow of capital.
As a value transfer mechanism, however, it remains expensive and slow. To stay ahead of large-scale exploitation of eventually widespread virtual currencies, U. It can also help government officials and business executives to improve their chilly relationship and better share information. The United States could then spread these solutions globally, before losing its worldwide reach.
Ultimately, bitcoin is a signifier of an eventual post-American global financial system. The new National Security Strategy recognized the cryptocurrency threat. Only proactive measures by U.