RAND Corp.: Crypto not viable for use by terrorists
Crypto denialists will need to find a new argument
One of the most well-respected think tanks on Capitol Hill has published a report on cryptocurrencies. The report points out one important fact that will make crypto denialists scrambling to come up with a new excuse for why digital currency should not be allowed. No, terrorists are not using crypto.
The report, “Terrorist Use of Cryptocurrencies: Technical and Organization Barriers and Future Threats,” was released by the RAND Corp.’s National Security Research Division a few days ago. In it, the group asserted that crypto is not a viable option for terrorists and that “[c]urrent cryptocurrencies are not well matched with the totality of features that would be needed and desirable to terrorist groups but might be employed for selected financial activities.”
The group pointed out, however, that terrorists could turn to crypto if prices stabilize and hacking activity recedes. Hacking most likely won’t see a decline anytime soon, as there will always be some dimwitted individuals who are only interested in a quick score. However, hacking is certainly not limited to crypto, as has been seen with scandals related to Wells Fargo, Facebook and others.
This lack of unity between terrorism and crypto can continue if world governments develop regulations to oversee the space. RAND states, “If the cryptocurrency systems that are most widely used are incorporated into the regulatory system and those that are incompatible are abandoned or remain marginal because of lack of support, then terrorist groups and other illicit actors may find that the digital world is less, not more, hospitable.”