New Report Shows that Bitcoin is Not a Primary Currency for Terrorist Funding and Money Laundering
by Kenneth Schortgen, The Daily Economist:
As a modern day axiom likes to say, ‘Don’t steal, the government hates competition.’. And this is exactly why both governments and central banks despise monetary forms and systems that are outside their control.
Bitcoin of course was created to be a completely de-centralized form of money through which governments and central banks could not destroy using their well oiled processes of monetary expansion, devaluation, and inflation. And now that it has become an ever growing part of the mainstream, one of their new fears is that because they cannot control its price in the open markets, Bitcoin is acting in the aspect that gold used to by revealing how insolvent the dollar and other world currencies really are.
So if governments and central banks are unable to control, regulate, manipulate, or even co-opt the crypto-currency, this leaves one final arrow in their quiver to try to dissuade the masses from moving into it. And that of course is propaganda.
Over the past few years governments have used their controlled mainstream press to try to label Bitcoin as the currency of drug dealers, money launderers, and of course, terrorist groups. But a new report out on March 2 shows that in fact the use of Bitcoin in financing terrorism or in laundering money for illicit groups is nothing more than a canard.
Ever since bitcoin started gaining popularity, claims have been made as to how this “anonymous” currency facilitates terrorist financing. That has always been a very disturbing claim, even though there was never any solid evidence to back up these claims by any means. In fact, this particular UK report goes to show how cryptocurrency is not used by terrorists, and most likely never will.
It is evident government officials overreact when they are greeted with new and innovative technologies. Particularly when these innovations take place in the financial sector. Terrorist financing has been a thorn in the side of government officials for quite some time now, yet they are no step closer to finding out where the money is coming from. Blaming bitcoin and other cryptocurrencies for this issue is a logical conclusion, even though officials are incapable of providing this is happening. – The Merkel
Ironically over the past few years, it has been proven that it is more likely that highly regulated global banks participate in money laundering, illicit activities, and aiding in terrorist funding far more than any other type of alternative banking or currency mechanisms. And there is even one report that suggests that the major Western banks would have gone insolvent if it weren’t for their participation in laundering money for the drug cartels during the 2008 financial crisis.
The rise of Bitcoin has almost moved in tandem with the rise of populism and the growing rejection of fascist government controls and central bank monetary destruction. And when you include the growing rebellion coming against the mainstream media, who are today seen as little more than a propaganda arm of each, the labeling of Bitcoin as a currency for criminals by governments no longer holds any water, and the facts are now coming out to prove it.
