Australian Minister of Home Affairs Peter Dutton has issued a warning that terrorists are using cryptocurrency to fund their “deadly missions.”
Dutton made his comments during a counter-terror conference held in Melbourne. According to the Australian official, terrorists are exploiting the anonymity provided by bitcoin and other crypto-assets to avoid the scrutiny of authorities.
During the conference he said the "anonymity afforded by such technologies enables terrorist financiers to obfuscate their activities," and continued:
The increasing use of digital and crypto-currencies, stored-value cards, online payment systems and crowd-funding platforms provide new channels through which terrorism may be financed.
Dutton warned that countries need to get ahead of the use of digital currencies while continuing to monitor traditional terrorist channels such as ransom money and fraudulent charities. He highlighted charities, in particular, as a devious avenue for terrorism funding,
In many cases, not-for-profits are not even aware that they are being taken advantage of.
The Australian minister also called upon the country’s private lenders to assist in combating terrorism and welcomed input from outside of the government.
Featured Image Credit: Photo via PIxabay.com