Written by Mark Mage.
In a report released last week, Europol reports that there is no evidence of any “Islamic State” terrorist financing activity with bitcoins or any other Crypto currencies known as Alt coins.
Europol’s report reads:
“There is no evidence however of “Islamic State” financing networks in existence. Despite third party reporting suggesting the use of anonymous currencies like bitcoin by terrorists to finance their activities, this has not been confirmed by law enforcement.”
Little wonder so, one might add, because Bitcoin is, in fact, not an “anonymous currency” at all but a pseudonymous *) and wide-open technology where transactions can be monitored publicly. How Bitcoin should ever have been dubbed “anonymous” is beyond comprehension, unless it stems from mass media ignorance and the way mainstream journalists use to “research” their facts and details.
Europol’s report indicates that at even IS terrorists appear to be more knowledgeable when it comes to latest developments in technology than the mainstream media. Using a wide-open technology like Crypto coins where Blockhain or Block Index entries are open to inspection by anyone might not be such a smart idea when clandestine business is what’s on one’s mind.
The official findings in the Europol report will hopefully help Bitcoin and all other Crypto coins to finally get rid of unfounded accusations of being “terrorist financing vehicles” or some “dark” or “suspicious” tools once and for all.
*) more precisely, Bitcoin is even only weakly pseudonymous, see Andreas Antonopoulos, The Crypto-Currency Ecosystem