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The subcommittee on terrorism and illicit finances of the US Congress discussed various methods of financing terrorism with cryptocurrency, according to an official press release from the US House of Representatives Financial Services Commission on September 7 .
In order to monitor terrorist threats and methods of terrorism, the hearing is considered one of the main means of transferring funds by terrorists, including traditional financial institutions and semi-formal methods, such as the system of terrorism. hawala and cryptocurrency exchanges.
However, while al-Qaeda, the Islamic State and other terrorist groups have all tried to raise money through cryptography, they have not been very successful, as Congress concluded at the meeting.
Yaya Fanusie, director of analysis for the Center for Sanctions of the Foundation for the Defense of Democracies (FDD) and Illicit Finance, have stressed that most terrorists, especially those who serve on " jihadist battlefields ", are living in environments where cryptography is not usable, which means that the use of fiat is preferable for the purchase of goods
Fanusie has identified fiat money as the most anonymous method for funding, claiming that it is very popular among terrorists.
While Fanusie claimed that the crypt is a "poor form of money for the jihadists" and "the hard cold money is still the king", according to an article by Forbes, he recognized that " there are more examples of terrorist cryptocurrency funding campaigns. "
The expert also said that in order to counteract the potential effective use of terrorist campaigning campaigns, US government agencies responsible for terrorist finance investigations should become more proficient in analyzing cryptocurrency transactions. Fanusie noted:
"By now preparing the increasing use of cryptocurrencies by terrorists, the United States may limit the possibility of transforming digital currency markets into a sanctuary for illicit financing."
At this point, Fanusie seemed to suggest that the authorities should focus on small cryptographic exchanges that exchange alternative tokens or "private currencies" instead of major exchanges that have greatly strengthened their anti-money laundering policies (AML) in recent years and know-your-customer (KYC). [19659002AtthebeginningoftheyearofthecrisiswiththeCryptographicLegsBlockbidfortheintroductionofthesecuritypolicyforthenameof"TradewithConfidence"whichisintendedtorefrainfrommisleadingandmisunderstandings
In January 2018, Rep. Ted Budd (R-NC) of the House Financial Services Committee presented a bill that aims to combat terrorism offering rewards for information leading to crimes convictions supported by ytocurrency.
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