Domestic and international terrorist groups rely heavily on financing to operate and carry out terrorist attacks. Terrorist organizations raise funds through several mediums, including money laundering. In recent times, terrorists have also attempted to use the Internet to accept cryptocurrency (i.e., bitcoin) for terrorism financing operations. Do you believe that terrorists will be successful in using cryptocurrency to fund their operations? Why, or why not?
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ANSWER THE ABOVE DISCUSSION AND THEN REPLY TO MY CLASSMATE’S RESPONSE TO THE ABOVE QUESTION AND EXPLAIN WHY YOU AGREE? (A MINIMUM OF 75 WORDS EACH)
Terrorists are currently successful in using cryptocurrency or virtual currency because it is not being regulated as money and poses complications for police to enforce regulations. This currency is more valuable for terrorists because it allows for anonymity, tax evasion , laundering money, and is difficult to prove its usage (Kethineni & Cao, 2020). Until governments get a hold on the varies forms and uses of virtual or cryptocurrencies terrorists will continue to be successful using this method to fund the operations.