In line with a recent ‘report‘ published by the U.S. based non-profit think tank ‘RAND Corporation’, crypto assets don’t seem to be well-suited for the requirements of terrorist groups.
The report, called “Terrorist Use of Crypto-currencies: Technical and Organisational Barriers and Future Threats,” is based on two main angles -the first one is how terrorists use cryptocurrencies within their current state and the second one is how they might probably use them within the future as the industry evolves.
The authors believe that crypto-currencies presently don’t pose any vital threat as a means of act of terrorism funding. However, if cryptocurrencies started offering obscurity and improved security, combined with the shortage of relevant state laws, the danger of their potential use by terrorists would increase, the report added.
Moreover, RAND believes that the trading in areas without incorrect laws/regulations or on unregulated markets, like Darknet, contributes to a higher risk of crypto-currencies being employed for illicit purposes.
Despite those threats, ‘regulation‘ and oversight of the trade, alongside international cooperation between law enforcement along with the Intelligence community might facilitate forestall terrorists from misusing crypto to fund their illicit activities, per RAND.
RAND added that, as long as new crypto hacks emerge and the prices stay unstable, terrorist groups are unlikely to use them to their full potential.
The RAND Corporation [Research and Development] is an international policy think tank in Washington D.C. that conducts analysis and research for the United States military. Members of RAND have additionally made ‘contributions‘ to technology, AI and therefore the development of the web.
As ‘reported‘ earlier, the United States House of Representatives passed a bill that might establish a crypto task force to combat terrorist use of crypto-currencies earlier in Sept., last year. It contained a reward policy for ‘helping‘ regulators in providing data “leading to convictions associated with terrorist use of digital assets.”
As for the darknet, the number of Bitcoin [BTC] transferred to the hidden network markets ‘raised‘ by around 70%, earlier in last year. A recent ‘report‘ by Chainalysis added that darknet activity is comparatively unaffected by the price action fluctuations of Bitcoin [BTC] and doesn’t usually drop once the price drops.