Hate climb funding sources
At a hearing at the US House of Representatives Financial Services Committee, concerns were raised about the use of cryptocurrencies to finance domestic terrorism, and measures to prevent it were discussed.
The hearing, held on January 15, entitled "Sustainable and Evolving Threats: Examining Domestic Terrorism and How to Raise Extremists," said US financial institutions I explored how I can fight Hate Climb.
Five witnesses report on the various financing methods used by domestic militants. Three of them mentioned cryptocurrencies.
In particular, he talked about the use of cryptocurrencies to finance hate climbs, stressing that crime funds are often distributed through popular social media platforms such as Facebook and Telegram.
Jared Maples, director of the Homeland Security Administration in New Jersey, the first witness, said US officials should note that militants use cryptocurrencies to raise funds. Extremists pointed out that in addition to financing counterfeit goods, drug and weapons trafficking, and tobacco smuggling, they also raised funds through cryptocurrencies.
As an example, a foreign terrorist organization uses Telegram and Facebook to raise money with Bitcoin (BTC), he stated as follows.
"They think they can hide their activities (in cryptocurrencies) well."
"We believe that cryptocurrencies will become more widespread and used in the realm of terrorism as technology becomes easier to apply."
When asked what to do, Maples said that rigorous monitoring should be implemented, keeping in mind the protection of people's privacy, but with a view to monitoring the movement of cryptocurrencies themselves. .
Propose tracking of online transaction data
Rena Miller, a financial economics expert at the US Congressional Research Service, suggests that the US government collect and analyze financial data more extensively about the use of cryptocurrencies and social media to finance terrorism.
As part of this effort, authorities argued that they needed access to data provided on social media and payment platforms.
Meanwhile, George Selim, senior vice president of the Anti-Defamation Alliance (ADL), emphasized that Bitcoin's blockchain transactions are transparent and can be tracked despite being anonymous.
"As with the issues surrounding new forms of financial products and services, including cryptocurrencies, we need to explore the potential of new services in preventing hate-climb funding."
A frame that allows hate climbs to fund their research on how cryptocurrencies are being used, and allows cryptocurrency-related platforms to track online transactions and prevent potential abuse of services It suggested that the work be prepared by the US government.