Australian Home Affair Minister Warns Terrorist Financiers Exploiting Crypto

[Harrydose]

Australian Home Affairs Minister, Peter Dutton during a counter-terror conference in Melbourne that cryptocurrencies technology is being exploited by terrorists for funding their heinous intentions.

Source: TheCoinRepublic

[romero121]

This is much concerned for years, from different governments. Terrorists using cryptocurrencies to raise funds were very low compared to the usage of fiat. Countries always try to keep an eye close on every transaction. Governments fear of the anonymity of the virtual currency providing channel for the funding of terrorism and for the bad things associated with the same.

Government knew that the usage of virtual currencies on terrorism is very low yet the fear of governments is the escape of terrorists with ease through cryptocurrencies. Though the usage at present is low, maybe in future this will get served to be the source of fund transfer. Steps taken now might lower the risk of cryptocurrency usage on such activities. Often statements come relating the same from different political heads, now it is from Australian Home Affairs Minister.

[CjMapope]

Australian Home Affairs Minister, Peter Dutton during a counter-terror conference in Melbourne that cryptocurrencies technology is being exploited by terrorists for funding their heinous intentions.

Source: TheCoinRepublic

lol what year is this?  it sounds like that article could have been written in 2012
that was the last time i heard the "BTC is for terrorists" argument, which dosent even make sense.
You would think a criminal would want something universal and untraceable, like maybe CASH? i always laugh at the btc is for criminals argument
tbh most criminals would prob use XMR if anything ....

[X-ray]

Maybe those anonymous privacy based cryptos while exchange nowadays always require KYC in every corner it is kinda stupid to think that someone with heinous intention would try to use BTC anyway and if that is really the case that makes me wonder whether their KYC and AML is futile because such thing still happening.
However, it's just a warning alright? It has been like that since ancient times the media saying that cryptos is used to fund terrorism but it's good if the government could unveil the truth. In my opinion they should put more attention into their anonymous untraceable paper money.

[Upgate]

Terrorist are exploiting various means to finance there havoc they inflict on the public and cryptocurrency is one of those means.
I think a way to cut it out in cryptocurrency is reducing the privacy of an account but to an extent

[aprilnot]

Australian Home Affairs Minister, Peter Dutton during a counter-terror conference in Melbourne that cryptocurrencies technology is being exploited by terrorists for funding their heinous intentions.

Source: TheCoinRepublic

yes maybe, this is one of the negative sides of the anonymity feature. but keep in mind, crypto is not that simple. there are many benefits that can be obtained from blockchain technology. so don't beat flat that crypto is dangerous and a crime. for indeed dislike crypto is used for this. but not all altcoins are like that. there are many altcoins that have different functions. so try to believe in cryptocurrency.

[el kaka22]

Sure, there could be some bad people using bitcoin but I would like to ask the Australian home affair minister what did terrorist financiers used before bitcoin was created. Considering bitcoin was created around 2008-2009 and the terrorists in this world has existed far before that, how could we say that bitcoin is used for financing terrorists and it is bitcoins fault?

It is not because before bitcoin (and even right now) people used other methods to finance terrorists, which means we should not do anything about bitcoin for this, you do not punish dollar for this purpose and dollar is used far more often than bitcoin, so why put any regulations on bitcoin that doesn't exist for dollars. Same goes for drug dealers, bitcoin could be used but dollar is used far more frequently.

[Ucy]

I wonder what politicians would do if "terrorists" begin to finance their activities with foods and water. I guess they will consider controlling our foods, ban farmers from producing their own foods and monopolize food production?

If the understand what money really is, they will realize that total control is impossible.

[jostorres]

Australian Home Affairs Minister, Peter Dutton during a counter-terror conference in Melbourne that cryptocurrencies technology is being exploited by terrorists for funding their heinous intentions.

Source: TheCoinRepublic

You see, this is one of the problems that I find with all these government, they leave the needful to do and start focusing on things that would not help matter, now that they have found that loop hole in the use of cryptocurrency, what exactly are they doing about it, because they cannot tell me that the solution to it is to shut it down because even if they do, terrorist has been successfully funding their group using fiat, gold and even other means of doing so which till date, they have not been able to curb it.

Looking at cryptocurrency, you would agree that it is even easier to cub that of cryptocurrency once there can be regulation, and regulation will surely bring exchanges to their rule and then be able to monitor all the large inflow off currency that came through a particular exchange.

[Lauren Smith]

Where are all these "terrorists" and their bitcoin. Ive never heard of a single time crypto was used to fund terrorism.
They just FUD thats all. Terrorism or money laundry. Noether of which happen in the crypto world. Its made up silly crap just like the dark web and others. Just entertainment. No serious terrorist uses bitcoin. Come on. 

[Bitfling]

Australian Home Affairs Minister, Peter Dutton during a counter-terror conference in Melbourne that cryptocurrencies technology is being exploited by terrorists for funding their heinous intentions.

Source: TheCoinRepublic

This issue continues to be rolled out by the Government and I think this is an old issue. If the government has a fear that crypto is used for criminal matters, the government should regulate it and not prohibit it because it is useless to ban crypto transactions. By regulating, the government in addition to getting taxes, the government can prevent if used for criminal activities

[sulis sudibyo]

yes that's probably true, many people use crypto for illegal things like buying drugs, weapons, or terrorist activities. but crypto isn't just for that. there are many advantages that can be applied in all fields. so don't look at crypto from a negative perspective, just look at crypto and blockchain as future technology.

[Shasha80]

News like this has a negative effect on the growth of cryptocurrency, because ordinary people would assume that cryptocurrency
support terrorist acts. However, it is only alleged by the political elite in the world. In fact, when investigated, terrorist funds use
a lot with fiat and gold. Compared to using cryptocurency, therefore news like this makes crypto growth slow. I'm as an investor
in cryptocurrency, really regret this. It should be australian home affairs minister to be wiser in giving statement in the mass media.

[Furryball]

Possibly but terrorist organizations uses fiat for money laundering or terrorism financing more than crypto, very soon crypto will be used for many illegal acclivities because crypto is going to beat gold and fiat, anything this good can be used for anything

[Baby Dragon]

News like this has a negative effect on the growth of cryptocurrency, because ordinary people would assume that cryptocurrency
support terrorist acts. However, it is only alleged by the political elite in the world. In fact, when investigated, terrorist funds use
a lot with fiat and gold. Compared to using cryptocurency, therefore news like this makes crypto growth slow. I'm as an investor
in cryptocurrency, really regret this. It should be australian home affairs minister to be wiser in giving statement in the mass media.

Indeed, it makes them think that crypto is only used for a lot of illegal activities which makes them afraid to invest. Most of them are in doubt and terrified by the possibilities that it might also affect them in a bad way, we can't change the fact that it has a huge impact on people who's interested in investing in cryptocurrency. It really affects their mindset when it comes to cryptocurrency and that is the reason why I understand others if they are not interested because it's true that there are some people who take advantage of cryptocurrency and use it to deceive other people just to get the benefits that they wanted.  

[asriloni]

Where are all these "terrorists" and their bitcoin. Ive never heard of a single time crypto was used to fund terrorism.
They just FUD thats all. Terrorism or money laundry. Noether of which happen in the crypto world. Its made up silly crap just like the dark web and others. Just entertainment. No serious terrorist uses bitcoin. Come on.  

Those terrorist were accepting bitcoin donations in the past. I'm not sure if that will be FUD at all but at least you must try to check the internet directly to get the truth about that. Have you checked it direct or is it only your assumption about that?

Some parties may collect enough data for that and I can say bitcoin or another crypto is not too far to be used by terrorist because it's open protocol platform that everyone feels free to use it.

I remember when there was a news about the dark web is started use monero to did various transactions. it can't be called as something that is wrong. The possibility will always there and remember blockchain and crypto are not private technology.

Just try to take a look at what the data that already published by AU's minister.

[meanwords]

News like this has a negative effect on the growth of cryptocurrency, because ordinary people would assume that cryptocurrency
support terrorist acts. However, it is only alleged by the political elite in the world. In fact, when investigated, terrorist funds use
a lot with fiat and gold. Compared to using cryptocurency, therefore news like this makes crypto growth slow. I'm as an investor
in cryptocurrency, really regret this. It should be australian home affairs minister to be wiser in giving statement in the mass media.

At first, I thought Bitcoin is used for illegal activities mainly without doing a proper research on it but studied it before the boom happened in 2017. It really does leave a bad impression about Bitcoin for the normal citizens. Although the news or the announcement said that Bitcoin or cryptocurrency is being "Exploited" by the terrorist, it doesn't necessarily mean it is mainly used for that. I wish some news or statistics pops up about the use of cryptocurrency in our modern days so people would be more educated.

[masterrex]

Australian Home Affairs Minister, Peter Dutton during a counter-terror conference in Melbourne that cryptocurrencies technology is being exploited by terrorists for funding their heinous intentions.

Source: TheCoinRepublic

That's the ugly side of the anonymity function the cryptocurrency. Since it can be used an exploit the privacy features of cryptocurrency. Terrorist can hide in anonymity and freely transacting crypto to finance its plots, That's why AMLC is requiring to do a KYC procedure before anyone can transfer a huge sum of cryptocurrency(money). KYC is the early deterrent option to prevent those to happen. Our world security has changing a lot that's why we people must do something to protect ourselves. specially in terrorism.

[Jating]

This is not new, but I guess what Australian wanted is to put everything into perspective again specially that Australia is a safe haven for crypto enthusiast. So it will be a cat and mouse game here, terrorist try to hide their tracks and then authorities trying to unravel them.

And we all know that with all the regulations around, sooner or later those criminals who are trying to used crypto to hide everything will be identified. All countries are cooperating which each other as far as terrorism goes so I'm sure they have been tracking all their activities whether through fiat or crypto in general.

[joshy23]

Crypto being dragged to illegal things, it's no longer a question but a reality that even terrorist are learning this industry, they knew how to take advantage and how they can manage to hide those illegal acts that they are doing. It's the government who needs to counter this and they need to have strict policies once incident like this being proven to exist inside their jurisdictions.