Peter Dutton, Australia’s Home Affairs Minister, believes that terrorists are using cryptocurrency to pay for their missions. He is probably one of those with SAD (selective attention syndrome), who only hears what he wants to hear, since there have already been numerous studies to show that fiat is still the preferred tool in a terrorist’s financial arsenal. However, he is missing the larger picture and should read deep into the large stack of data regarding how crypto actually works. It has already been shown that it is much easier to track crypto transactions than fiat transactions.
Dutton, in a speaking engagement in Melbourne to discuss terrorism and how it can be thwarted, reportedly told the attendees, “The anonymity afforded by such technologies enables terrorist financiers to obfuscate their activities. The increasing use of digital and cryptocurrencies, stored-value cards, online payment systems and crowd-funding platforms provide new channels through which terrorism may be financed,” SBS reported.
That might all be true; however, the same arguments can be said of conventional monetary channels that have been in use by terrorists for decades, if not centuries. If crypto were to be banned simply because it could be used by terrorists, then fiat would need to be banned, as well, as would any type of bartering system ever conceived.
A recent investigation led by multiple law enforcement departments in several countries proved exactly how easy it is to follow the crypto transaction trail. Dr. Craig Wright has asserted since the original Bitcoin whitepaper was released, and which Bitcoin SV (BSV) adheres to unwaveringly, that crypto was never designed to work as an anonymous system, but, rather, a private one that allowed individuals to conduct transactions with one another directly while adhering to financial regulations.