The Australian Minister of the Interior thinks that terrorists and extremists make extensive use of crypto because of their anonymity.
According to the minister, Peter Dutton, terrorists and extremists can avoid careful investigation when they use the anonymity of cryptocurrencies. He stated this at an event focused on counter-terrorism in Melbourne this week.
He argues that the increasing use of digital currencies, prepaid credit cards, online payment systems, and crowdfunding platforms is ensuring that terrorists have new ways in which their activities can be funded. According to him, the anonymity inextricably linked to these new payment methods is so interesting for terrorists that they use these methods to get their practices funded in all darkness.
Dutton, who is responsible for immigration, border control, social security and the police force with his Home Affairs department, further said that nations around the world should stay ahead of modern payment methods and deploy expertise beyond government.
The minister also focuses on non-profit companies and charities. By their nature, they are popular organizations for criminals to distribute money in a way that often goes unnoticed by the companies or agencies themselves. “Often these organizations do not even know that they are being manipulated to cooperate,” says Dutton.
Fight against terrorism
At an annual conference against terrorism held earlier this year, Sigal Mandelker, the US Deputy Secretary of Finance, said she thought cryptocurrencies would be the next frontier in the fight against terrorism. She says about this:
Terrorist organizations and their followers are constantly looking for new ways to collect and send money, without this being noticed by the authorities. While most terrorist groups are still trying to do this through cash and the traditional ecosystem, there is great concern that cryptocurrencies are increasingly being looked at as a useful alternative.