International Governance of Bitcoin

[6wilson]

The First Attorney General of Financial Affairs for Egypt announced at a continental conference of prosecutors how international legislation is needed to address bitcoin in the light of evidence, he claims, it is being used to fund terror. The country was rocked just two years ago when the the Prosecutor General was assassinated. More recently the acting successor to the position was also targeted, but narrowly escaped an attempt on his life last year.

[expertofexperts]

Well if their only concern is terror, then its incorrect. There have been such attacks since decades and bitcoin came into existence after 2008. Yes, BTC is used for illegal trades and should be taken care of.

[Mometaskers]

And how are they supposed to regulate it to fight terrorism? The only points of entry/exit the government can control would be the exchanges. But what if the terrorists are transacting only in bitcoins and are not using those exchanges?

Then, they'd have to resort to tracking the transactions and prove that those are terror-related (like how you can still get caught for buying drugs online using bitcoins).

Maybe focus more on their social problems that are fueling these activities...

[icerose]

It's only a matter of time before more scrutiny is put on bitcoin, especially with the valuations we are seeing and as much as I like individual freedom, it should not go at the cost of making terrorism easier to finance and execute.

[~Bitcoin~]

Where you got this info? Can you post your source URL?

Hacker/criminals are using bitcoin for their financial transaction but this doesn't mean it was created by criminals for criminals, governments want to have better control and monitoring on bitcoin related transactions which is harder than they actually thinks either because lack of enough manpower or resources.

[Xavofat]

I still haven't seen any solid evidence that BTC has actually been used to fund terrorist activity.

Regardless, if it does there's very little way to stop it.  Since criminals have generally used cash in the past, it's likely that they'll just exchange their physical cash for BTC and then continue to send it where they like.

It's a shame, but it happens.  It's also helpful for people who want to subvert unjust laws in their country or do something that's illegal but socially acceptable in many countries (buy marijuana, for example).

[stevegee58]

The US Dollar has been and continues to be the #1 choice for illegal transactions.
When's somebody gonna do something about that?

[rudox]

The can try all they can to stop Bitcoin but if they can not stop internet  then their conspiracy will amount to futility. Bitcoin is here to stay and  more world wide acceptance is being experienced every day.

[stevegee58]

Bitcoin *itself* cannot be regulated.  Sure, governments can write laws banning this and allowing that.  But they can't stop me from sending you BTC in exchange for any goods/services you've provided.
The best they can hope for is to shut down exchanges that allow cashing out in fiat.

[joanshu]

Those people are so foolish they know nothing about btc so is the reason they feel so that btc has something to do with terror attacks .

[Slow death]

Where you got this info? Can you post your source URL?

You can read here Egypt Finance Attorney General Calls for International Governance of Bitcoin


he does not show evidence of cases where bitcoin financed terror in his country, he did not show alarming statistics where bitcoin proves that it is a very frequent means used to finance terrorism, he does not even mention who they are these terrorists who used bitcoin to perform acts of terrorism in egypt... in my opinion the First Attorney of egypt is accusing bitcoin of being a means to finance terrorism for political reasons

[Mometaskers]

And how are they supposed to regulate it to fight terrorism? The only points of entry/exit the government can control would be the exchanges. But what if the terrorists are transacting only in bitcoins and are not using those exchanges?

Then, they'd have to resort to tracking the transactions and prove that those are terror-related (like how you can still get caught for buying drugs online using bitcoins).

Maybe focus more on their social problems that are fueling these activities...

Terrorism, as same as drug dealing exists since over 100 years and it isn't caused by bitcoin or crypto currencies! It's caused by the fiat money robbery system, because poor people tend to commit criminal offenses to make money for a living.

Controlling exchanges in some countries or even in 50% of all countries in this world will not stop terrorism, because they will simply use exchanges in countries without any control!

Not just that. Even "legitimate" financial institutions can and are being used for laundering, among other stuff. Who else remembers Western Union?

Then there's the hacking of the account of the Bangladeshi Central Bank by apparently Chinese hackers, with the money withdrawn in the Philippines. The point is, however hard it takes, criminals will find a way. Terror-sponsors will find ways to support their ground troops, crypto or not.

[salihno71]

The First Attorney General of Financial Affairs for Egypt announced at a continental conference of prosecutors how international legislation is needed to address bitcoin in the light of evidence, he claims, it is being used to fund terror. The country was rocked just two years ago when the the Prosecutor General was assassinated. More recently the acting successor to the position was also targeted, but narrowly escaped an attempt on his life last year.

This is just great. So this means that in order to stop terrorists all over the world, they need the "international legislation" to address USD, EUR and other fiats since they're used to fund the terror. As usual, instead of addressing the cause, they're dealing with the consequences and in a totally wrong way.

[olushakes]

The First Attorney General of Financial Affairs for Egypt announced at a continental conference of prosecutors how international legislation is needed to address bitcoin in the light of evidence, he claims, it is being used to fund terror. The country was rocked just two years ago when the the Prosecutor General was assassinated. More recently the acting successor to the position was also targeted, but narrowly escaped an attempt on his life last year.

For someone is such a high authority making such statement, its either he has evidence to support his claim or he is just looking for reasons to make a case against bitcoin and nothing else. The amount of evidence he has must be very convincing to have been totally dependent on a decision concerning bitcoin. For centuries, there have been assassinations whether political, economical or even personal and trying to link it to bitcoin is something that is worth looking into.

[dawoodkhan97]

His claim is actually not wrong as bitcoin can be easily used for
illegal activities such as money laundering, terrorism funding,
darkweb etc.

But if we look at any technology, it can be used for both good
and bad purposes such as the internet.

[CryptoBitCoins]

It does not look like a coincidence. Of course anonymity bitcoin is not in the hands of countries, because it is impossible to take taxes from him, but the Attorney General is right that it is possible to finance terror in this way in different countries.

[icanscript]

The main problem is that the prohibitive measures do not stop crypto-currencies.
Government officials are so incompetent that they constantly call for the management of a decentralized currency.
There is no technological opportunity to take bitcoin under control.
To understand this, one does not need much intelligence.

[megynacuna]

His claim is actually not wrong as bitcoin can be easily used for
illegal activities such as money laundering, terrorism funding,
darkweb etc.

But if we look at any technology, it can be used for both good
and bad purposes such as the internet.

Of course every currency can be used  for the good  and  for the bad and it shouldn't be limited to bitcoin alone. It depends on the people that use the currency and the purpose with which it can serve them and so rather than castigate bitcoin we should rather try to create a society devoid of illegal activities or at least reduce it drastically so that people will be discouraged from using bitcoin or any other currency to perpetrate it.

[gundala]

it would be great if you include the source of the article so we can discuss it together. btw, is there any evidence if bitcoin is used to fund terrorists? what makes them assume so? Actually it's not a bitcoin that's causing trouble, but bad guys are using it.

[mabell943]

The international governance of the company and management of bitcoin is very systematic and well organize in its implementation internally.
Because of their good internal control and management they execute a wonderful performance which brings them a great outcome that raise the popularity of the company.