Cryptocurrencies and Terrorism = Regulations?
From the Emerging Technologies Blog
by Kevin Coleman
UPDATED MAY 2020 - This blog will appear monthly from now on. Today, all organizations depend on technological innovation in order to sustain their existence. Analysis of emerging technologies and identification of those technologies with the greatest potential is essential to being prepared for upcoming projects. The objective of this blog is to establish future oriented technology analysis and insights. This blog was established to provide program and project managers with information about these emerging technologies. These emerging technologies have far reaching repercussions for program and project managers. This blog will jump-start the learning process and allow program and project managers to become proactive.
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In late April 2018, over 70 countries made a commitment to increase their efforts in the fight terrorism financing tied to the Islamic State group and al-Qaida. No mention was made of cryptocurrencies. While the majority of terrorist financing uses traditional currencies and methods that include Hawala system and traditional cash an often informal and cash-based money transfer mechanism, one has to wonder if any effort to go after terrorist financing could be effective without addressing their use of cryptocurrencies. In August of last year, the Council on Foreign Relations said that cryptocurrencies are gaining traction as a source of funding for terrorist groups. Will this lead to additional regulations and laws covering cryptocurrencies?
STAT: Current value of the 1,587 different cryptocurrencies exceeds $430 billion in USD value.
Posted on: April 29, 2018 06:09 PM |
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Comments (8)
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The rise of cryptos will bring legal and illegal activity alike.
Kevin Coleman
Subject Matter Expert, Author, Speaker and Strategic Advisor| - Insights
Pa, United States
@ Sante - just like the vast majority of technological advances - unfortunately!
Rami Kaibni
Community Champion
Senior Projects Manager | Field & Marten Associates
New Westminster, British Columbia, Canada
I agree with Sante. You can never track transactions via blockchain.
The tracking system is always targeting small people, how about highly government rank officials who are highly corrupted doing millions of transaction no one mention about them because the money going to those manipulating countries taking advantage of those corrupted officials because they act as their puppets.
We need to look back at Bretton Woods Agreement and later manipulating the dollars value with no support by Gold and force the trade of crude oil to be in dollars and the portfolio of the two world wars.
The fact is digital currencies will be all there is one day, cash will go, and we will be at the mercy of whoever controls the digital currencies. Let's hope they are nice.
We are already observing the drive towards cashless transactions in many countries. Agree with Sante and hope that it works out well for human race.
Conan Kennelly
PM Specialist| National Broadband Ireland
Kiltegan, Co. Wicklow, Ireland
still have not made up my mind on these.
Kevin Coleman
Subject Matter Expert, Author, Speaker and Strategic Advisor| - Insights
Pa, United States
In about 15 minutes (near 1:50 ET 7/15/2019) the White House will make an announcement about the regulation of cryptocurrencies.
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