Law Enforcement and Regulators Agree: Bitcoin Not Useful for Terrorists

[avatar_kiyoshi]

In the aftermath of the Paris attack on November 13, the European Union (EU) is looking to crack down on bitcoin with the hope of preventing the financing of future attacks. Regulators and advocacy groups agree, though, that kneejerk regulation is not what is needed; rather, it’s an increase in education.

“There’s nothing wrong with Bitcoin, it just means it’s another part of our financial system,” said Dana Syracuse, managing director and a member in the Anti-Money Laundering (AML) and Regulatory Compliance Practice at K2 Intelligence.

“As time goes on, Bitcoin’s place is going to grow," Syracuse said. "One of the things that I talk about is, if you look at the story of bitcoin and the kind of enforcement and prosecutorial action, it shows the evolution and growth of the space.”

“Bitcoin is not the problem, and further restrictions on it are not the solution. Criminals and terrorists are using all sorts of technology to try to hide their activities over the Internet, but those who turn to bitcoin as part of that effort are making a big mistake,” said Jason Weinstein, director of the Blockchain Alliance.

Regulation is not the problem; it is education

Read full: https://bitcoinmagazine.com/articles/law-enforcement-and-regulators-agree-bitcoin-not-useful-for-terrorists-already-regulated-appropriately-1448316076

[SFR10]

Finally some people are making sense after all and well written article. These two quotes are what I liked most:

"Terrorism is a major concern of major financial systems. The use of bitcoin in those kinds of activities is no different than what goes on in the traditional banking system."

The problem that I see since the recent blames on bitcoin is that the government are trying to drag down (BTCitcoin) as much as they could so others would use the traditional ways instead, though not sure what they get by doing so? there's no harm in adopting to new thing over a period of time.

“Reports of bitcoin’s anonymity are greatly exaggerated. Criminals or terrorists who use bitcoin to facilitate their activities are foolish, because bitcoin is traceable in a way that other payment methods, including cash, are not.”

That's the problem, just because there's a word of anonymity then government jump to a conclusion of the best way for criminals to get away which as results it's actually the other way around since cash is the one that's not traceable on this matter

[tiggytomb]

In the aftermath of the Paris attack on November 13, the European Union (EU) is looking to crack down on bitcoin with the hope of preventing the financing of future attacks. Regulators and advocacy groups agree, though, that kneejerk regulation is not what is needed; rather, it’s an increase in education.

“There’s nothing wrong with Bitcoin, it just means it’s another part of our financial system,” said Dana Syracuse, managing director and a member in the Anti-Money Laundering (AML) and Regulatory Compliance Practice at K2 Intelligence.

“As time goes on, Bitcoin’s place is going to grow," Syracuse said. "One of the things that I talk about is, if you look at the story of bitcoin and the kind of enforcement and prosecutorial action, it shows the evolution and growth of the space.”

“Bitcoin is not the problem, and further restrictions on it are not the solution. Criminals and terrorists are using all sorts of technology to try to hide their activities over the Internet, but those who turn to bitcoin as part of that effort are making a big mistake,” said Jason Weinstein, director of the Blockchain Alliance.

Regulation is not the problem; it is education

Read full: https://bitcoinmagazine.com/articles/law-enforcement-and-regulators-agree-bitcoin-not-useful-for-terrorists-already-regulated-appropriately-1448316076

Nice to see someone in a good powerful situation with some influence speaking some sense and acknowledging that no matter what happens bitcoin looks like it will be around for the foreseeable future and it needs to be embraced now rather than later.

[Amph]

i like how Europe is really pro bitcoin, in comparison with other country, this is definitely heartening

bitcoin will grow well in europe, because they are not hindering it and they know there is no reason to do stop new technology

also saying the opposite for them would mean that they need to revalue the vat free law

[Tstar]

After the attacks the media said a whole lot of not verifiable/incredible news regarding every matter, not only BTC. Now that the wave of the terror is going back we're starting to read more reasonable and verifiable comments. Law enforcers and regulators know that the best currency for any terrorism is still the old green paper called $$$

[Mickeyb]

Finally some people are making sense after all and well written article. These two quotes are what I liked most:

"Terrorism is a major concern of major financial systems. The use of bitcoin in those kinds of activities is no different than what goes on in the traditional banking system."

The problem that I see since the recent blames on bitcoin is that the government are trying to drag down (BTCitcoin) as much as they could so others would use the traditional ways instead, though not sure what they get by doing so? there's no harm in adopting to new thing over a period of time.

“Reports of bitcoin’s anonymity are greatly exaggerated. Criminals or terrorists who use bitcoin to facilitate their activities are foolish, because bitcoin is traceable in a way that other payment methods, including cash, are not.”

That's the problem, just because there's a word of anonymity then government jump to a conclusion of the best way for criminals to get away which as results it's actually the other way around since cash is the one that's not traceable on this matter

Yes, and finally we see a thread like this popping out and not about 10 threads about attentats in Paris that are all dealing with the same problematic. I was sick and tired of seeing this over and over again the last few days. Now we need about 10 of these positive threads!

But I guess that people always stick and pay attention more to the negative than to the positive! Even in our community, which is quite sad in my opinion!

[medUSA]

Regulators finally got it right. The so-called anonymity of Bitcoin is not a threat.

When online banking was introduced, regulators reacted the same way as they are with bitcoin. They said online banking made money laundering easier with no safe checks by a real person. Now online banking is outdated, it's mobile app banking. Regulators are uneasy with new technologies, when they grow more accustomed to it, they realise their worries are an over-reaction.

[Pollak]

i like how Europe is really pro bitcoin, in comparison with other country, this is definitely heartening

bitcoin will grow well in europe, because they are not hindering it and they know there is no reason to do stop new technology

also saying the opposite for them would mean that they need to revalue the vat free law

Also because they're open for new things and understand that sometimes things changes. They don't have the past stuck up their butt.

[twister]

“There’s nothing wrong with Bitcoin, it just means it’s another part of our financial system,” said Dana Syracuse, managing director and a member in the Anti-Money Laundering (AML) and Regulatory Compliance Practice at K2 Intelligence.

I love Dana Syracuse  

This really clears a lot of drama spread by fudsters about how bitcoin is aiding terrorists and encourages money laundering bla bla. The people who matters understand and see it as another payment instrument and accept that there is nothing wrong with it. There will always be bad people who would abuse things made for good.

[Denker]

Finally some people are making sense after all and well written article. These two quotes are what I liked most:

"Terrorism is a major concern of major financial systems. The use of bitcoin in those kinds of activities is no different than what goes on in the traditional banking system."

The problem that I see since the recent blames on bitcoin is that the government are trying to drag down (BTCitcoin) as much as they could so others would use the traditional ways instead, though not sure what they get by doing so? there's no harm in adopting to new thing over a period of time.

“Reports of bitcoin’s anonymity are greatly exaggerated. Criminals or terrorists who use bitcoin to facilitate their activities are foolish, because bitcoin is traceable in a way that other payment methods, including cash, are not.”

That's the problem, just because there's a word of anonymity then government jump to a conclusion of the best way for criminals to get away which as results it's actually the other way around since cash is the one that's not traceable on this matter

Yes, and finally we see a thread like this popping out and not about 10 threads about attentats in Paris that are all dealing with the same problematic. I was sick and tired of seeing this over and over again the last few days. Now we need about 10 of these positive threads!

But I guess that people always stick and pay attention more to the negative than to the positive! Even in our community, which is quite sad in my opinion!

It is always the same. Hot explosive topics and headlines will always be publish and discussed ten times more.
And like  in this case when something gets relativized it just will be 1 thread. I guarantee you the mainstream media will not report about that bitcoinmagazine article.

[MF Doom]

It makes you wonder where the report about a year ago originated from saying they were using btc

[ultimatesky]

Of course bitcoin is not the problem. People who misuse the bitcoin and abuse is are the ones who are the problem.

If terorrist are using bitcoin, not really nice of them to shed bitcoin in a bad light.

[SebastianJu]

In the aftermath of the Paris attack on November 13, the European Union (EU) is looking to crack down on bitcoin with the hope of preventing the financing of future attacks. Regulators and advocacy groups agree, though, that kneejerk regulation is not what is needed; rather, it’s an increase in education.

“There’s nothing wrong with Bitcoin, it just means it’s another part of our financial system,” said Dana Syracuse, managing director and a member in the Anti-Money Laundering (AML) and Regulatory Compliance Practice at K2 Intelligence.

“As time goes on, Bitcoin’s place is going to grow," Syracuse said. "One of the things that I talk about is, if you look at the story of bitcoin and the kind of enforcement and prosecutorial action, it shows the evolution and growth of the space.”

“Bitcoin is not the problem, and further restrictions on it are not the solution. Criminals and terrorists are using all sorts of technology to try to hide their activities over the Internet, but those who turn to bitcoin as part of that effort are making a big mistake,” said Jason Weinstein, director of the Blockchain Alliance.

Regulation is not the problem; it is education

Read full: https://bitcoinmagazine.com/articles/law-enforcement-and-regulators-agree-bitcoin-not-useful-for-terrorists-already-regulated-appropriately-1448316076

Sounds good. Now let's hope journalists and politicians read what they wrote here. So that stupid articles, headlines and law initiatives are becoming less and less.

[Yakamoto]

Well at least we have people in high places agreeing with what we've been saying for years; Bitcoin is not a real issue in the real world.

I am curious what they would define as education, however. I have a feeling that they intend on educating in our favor, if you could call it that.

Either way, this is exciting news, aside from the events that had to lead up to it.

[Bit_Happy]

Well at least we have people in high places agreeing with what we've been saying for years; Bitcoin is not a real issue in the real world.

I am curious what they would define as education, however. I have a feeling that they intend on educating in our favor, if you could call it that.

Either way, this is exciting news, aside from the events that had to lead up to it.

This is some of the best Bitcoin news I've seen in a long time. Now we need better PR to spread through the whole world.

[Kakmakr]

At last someone comments about this subject with some common sense, and not ill informed media hype going around, being re-packaged as facts. The current methods to get fiat to bitcoin and bitcoin to fiat, allow for many ways to identify possible terrorists.

The easiest way would have been to use cash or precious gems on the black markets. Why go through all the trouble to register for services, that might just be a honey trap? The media is so gullible, and will spread these rumors, without proper investigation. 

[nagatraju]

At last someone comments about this subject with some common sense, and not ill informed media hype going around, being re-packaged as facts. The current methods to get fiat to bitcoin and bitcoin to fiat, allow for many ways to identify possible terrorists.

The easiest way would have been to use cash or precious gems on the black markets. Why go through all the trouble to register for services, that might just be a honey trap? The media is so gullible, and will spread these rumors, without proper investigation. 

Because Cash or Precious Gems are not so easy (as BTC) to send to people in different countries/areas almost instantly.

[quantumgravity]

I agree with the OP. People are always threatened by new and different things. Especially innovations that are on the verge of changing the way they live their lives.

[n2004al]

In the aftermath of the Paris attack on November 13, the European Union (EU) is looking to crack down on bitcoin with the hope of preventing the financing of future attacks. Regulators and advocacy groups agree, though, that kneejerk regulation is not what is needed; rather, it’s an increase in education.

“There’s nothing wrong with Bitcoin, it just means it’s another part of our financial system,” said Dana Syracuse, managing director and a member in the Anti-Money Laundering (AML) and Regulatory Compliance Practice at K2 Intelligence.

“As time goes on, Bitcoin’s place is going to grow," Syracuse said. "One of the things that I talk about is, if you look at the story of bitcoin and the kind of enforcement and prosecutorial action, it shows the evolution and growth of the space.”

“Bitcoin is not the problem, and further restrictions on it are not the solution. Criminals and terrorists are using all sorts of technology to try to hide their activities over the Internet, but those who turn to bitcoin as part of that effort are making a big mistake,” said Jason Weinstein, director of the Blockchain Alliance.

Regulation is not the problem; it is education

Read full: https://bitcoinmagazine.com/articles/law-enforcement-and-regulators-agree-bitcoin-not-useful-for-terrorists-already-regulated-appropriately-1448316076

First thing the regulation is the main big problem of bitcoin and then came the education. The regulation don't mean restriction, don't mean knock but mean acceptation in "the society" of the normal money. This acceptation cannot be made if bitcoin will not follow all the rules that follow all the other normal currencies. If will not be accepted bitcoin will remain always an "outlaw" and as such never a normal currency. As for education cannot be made no one education for an "outlaw". The place of an "outlaw" is the "prison". And the prison for bitcoin is the use of it only in the Dark Web or only by terrorists. If not "only" then "mainly". Which is almost the same. Regulation don't take away nothing to bitcoin but give it to much added value (value of every kind). The ignoring of it (the not regulation) leave it as it is actually in most of countries: an unknown clandestine or even if known, without any kind of right. To not tell without future because the leaders of various (important or not) countries are or will be not stupids and (will) understand the importance, the power and the following of it.