Cryptocurrency is dominating the world economy and is slowly gaining over the traditional monetary transactions. However, one cannot neglect the unpredictability and the instability of the cryptocurrency. The phenomenon of cryptocurrencies has brought the much-feared uncertainty, anonymity in the global financial system. This concept might encourage terror funding.
The concept of Cryptocurrency doesn’t have any government backing. The currency is virtual without having any credibility and might dwindle at any point. This concept promotes the terrorist organizations to commit unlawful acts that will challenge sovereignty, democracy and law.
At one point in time, the transactions were done privately without any fear of surveillance or tracking by the regulatory agencies. The modern-day transactions lack anonymity and secrecy. However, cryptocurrency brings back privacy, but at a huge cost. The cryptocurrency poses a major threat as the concept is stirring up many pessimistic activities including terror funding.
The money-launderers, cyber-criminals and terrorists find cryptocurrencies highly attractive because they offer anonymity and non-traceability. Dealings in untraceable and anonymous websites will encourage anti-social activities including prostitution, child labor, terrorist activities and security fraud.
To escalate these activities one needs good speed internet and better infrastructure. In the Middle East and Africa, the poor internet services deprive the terrorist groups of using bitcoins. However, India’s state is grim as it has better connectivity, speed and equipment to carry on with the illegitimate activities like terror finance.
Cryptocurrency is providing ways for terrorists and other cybercriminals to create a lack of harmony in the society. As published in the Economic Times, India has banned cryptocurrency, but it won’t be able to discourage people from using it in the near future. The government has to develop stringent policies to counterattack terrorism as well as terror funding. Hence, it is essential to introduce certain rules to combat these issues which might prove to be devastating to the economy.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]