US Deputy Minister Of Finance: Crypto Is Not The Main Source Of Funding For Terrorist Groups

The Deputy Minister of Finance of the US denied that cryptocurrencies were used for financing terrorism. (Photo; Doc. Pexels)

JAKARTA The rise of news about the role of cryptocurrencies in financing terrorism has been denied by a number of parties including the Deputy Minister of Finance of the United States, Wally Adeyemo.

He expressed his views on the role of cryptocurrencies in financing terrorist groups in interviews with the Center for Financial Crime and Security Studies of the Royal United Services Institute (RUSI).

Several media reports, including the Wall Street Journal, previously stated that Hamas raised millions of dollars in cryptocurrencies. However, the data analysis firm Elliptic blockchain explains that the report misinterpreted the data, and there is no evidence to support claims that Hamas accepts large amounts of cryptocurrency.

Adeyemo clarified in the interview that the use of cryptocurrencies was not the main method of funding terrorist groups. He explained that these groups still use the traditional banking system more in their funding activities.

However, Adeyemo also noted that terrorist groups are evolving and are starting to take advantage of modern technology, including payment applications such as Venmo and Paypal. The US government is working with these companies to prevent the misuse of this technology by terrorist groups.

He underlined that evolution continues, and currently crypto is the next source. The US government is trying to prevent cryptocurrencies from being used and abused by terrorist groups in the future.

Adeyemo stressed the importance of cooperation between governments and the crypto industry to prevent the abuse of cryptocurrencies by terrorist groups. The US government has also taken action to oversee cryptocurrency mixing activities in an effort to prevent terrorism financing.