(TruthandLiberty.com) – The cryptocurrency craze hit a few years ago when Bitcoin made digital currency popular. News outlets often call it the “gold standard” of digital currency despite its volatility in value. But not everyone finds the technology so exciting. In fact, the US government has serious concerns over how it might help aid terrorist organizations.
On Thursday, July 23, the DHS’s Deputy Undersecretary Stephanie Dobitsch, who serves within the Office of Intelligence and Analysis, told the House Homeland Security Intelligence & Counterterrorism Subcommittee it’s becoming a serious issue.
DHS officials testify before House Subcommittee on cryptocurrency financing of terrorism https://t.co/IcZh58zSxo #OANN
— One America News (@OANN) July 25, 2021
Dobitsch announced that in August 2020, the government seized over 300 cryptocurrency accounts from terrorist organizations. Al-Qaeda was present on the list. Lawmakers questioned if the government needs more legal authority to track cryptocurrency.
The federal government also recently warned taxpayers to include purchases and sales of the digital money to ensure the taxman got his fair share of the profits.
It’s difficult for governments to track money moving through various cryptocurrencies and online platforms. However, this remains a popular way for criminal and terrorist groups to launder money to support their operations. Could new regulations be on the horizon?
Copyright 2021, TruthandLiberty.com