The rise of the cryptocurency also inevitably resulted to more criminals to operate using these digital currencies that are not regulated by any governing body in any country. With cryptocurrencies, the criminals have the most accessible access to funding, money laundering is also common and there is no one to liquidate the money as there is not central authority in charge to begin with. As told by Leonardo González Dellán, criminals are rampant in the bitcoin market because there are tools that aid them in manipulating the prices. This crisis has been going on in the cryptocurrency world since it started and up to these days that it has been established in the real-world market.
While many expect criminal operations to slow down because of the innovation, more has propped up because of the introduction of new digital currencies that are willing to accept payments from dark web buyers. The most unfortunate result of the rise of cryptocurrency is the increase in number of terrorist networks that can no longer be controlled by the government.
Angela S.M. Irwin along with George Milad conducted a research in 2016 which shows that terrorist groups including ISIS are greatly dependent on the use of cryptocurrency in their continued operation. The data is not easy to get by though. According to the paper, there has been a number of evidence wherein terror attacks that occurred in Indonesia as wellas Europe have been committed by terrorist groups that funnels their money through cryptocurrency.
This is one way that the terrorists are trying to avoid the extreme investigation conducted by authorities before they are able to create a traditional financial account. The paper also said that these groups are no longer relying on the traditional ways of transferring funds but instead they are encouraging the use of new technologies such as cryptocurrency.
The lure of the digital currency is so attractive that the technology is seen to rise in use in countries where there are many terrorist activities. While digital currencies such as bitcoin are useful for investors like Leonardo González Dellán, it also poses a threat to the security of many nations and ultimately the whole world.