It is a well-known fact cybercriminals flock to cryptocurrencies. The perceived anonymity of Bitcoin and altcoins is a major selling point. Australian Home Affairs Minister Peter Dutton issues a strong warning in this regard.
Over the years, numerous correlations between cryptocurrency and cybercrime have been established. Some of those claims have been proven right, whereas others remain mere speculation.
Peter Dutton Fears Terrorist Financing
The potential risks in this regard cannot be ignored. Criminals may even be the least of one’s concerns. Australian Home Affairs Minister Peter Dutton has strong views regarding cryptocurrencies.
In Dutton’s opinion, terrorists are using cryptocurrencies to fund their deadly missions. This is achieved by leveraging these currencies’ veil of anonymity.
Most cryptocurrencies, such as Bitcoin and Ethereum, are pseudonymous. That means anyone can track these transactions in real-time without using special software.
Dutton also warns of the increasing use of cryptocurrencies. He also points a finger of blame at crowdfunding platforms, online payment systems, and stored-value cards.
All of these tools can be used to finance terrorist activity in one way or another.
For now, the plan of action is to come up with guidelines for all of these industries. This will be achieved with the help of Australia’s private lenders.
This warning comes at a crucial time. Not that long ago, the alleged head of ISIS was killed by the US military. That event does not mean terrorist cells will cease their operations overnight.
Preventing finances from reaching potential terrorists has been an ongoing struggle. Any new measures introduced in Australia can have global ramifications.