Bitcoin vs Banking [infographic]
The United States government just can’t quite decide whether to regulate bitcoin, or deem it a threat by declaring it a form of financial terrorism.
The digital currency regulated only by mathematics is now being seen by government officials as an emerging threat, possibly to national security.
According to IB Times, a counterterrorism program being conducted by the Combating Terrorism Technical Support Office (CTTSO), a division of the Department of Defense (DoD), is seeking help from vendors asking for information on “state-of-the-art technologies” that could potentially pose a threat to the U.S.
Listed among hundreds of possible threats were the terms “bitcoin, virtual currencies, terror finance, threat finance and Dark Web.”
The program is reportedly being used to gain knowledge on emerging threats in order to develop response tactics should an act of terrorism occur. It is worth noting that Dollars or other reserve currencies are just as likely if not more likely to be used for terrorism than crypto-currencies. There has been no evidence that Bitcoin is being used for or has ever be used for terrorism. It begs the question, is the Government afraid of Bitcoin for it’s potential use for terrorism or for it’s potential to disrupt the status quo.
The government’s growing ambivalence toward bitcoin is especially hypocritical once you examine the scandals involving Big Central banks, ranging from murder to drug trafficking.
While the government says they intend to crack down on “untraceable flows of money online”, they’ve had no problem allowing banks like Wachovia to escape legal ramifications, including prison, for money laundering.
An early April report by the Guardian disclosed a summary of Wachovia’s involvement in supporting the financial transactions of drug cartels. The report uncovered billions of dollars in wire transfers through Mexican exchanges into Wachovia accounts.
Money laundered through Wachovia was used to purchase planes intended to transport large shipments of cocaine and fund weaponry.
The bank was “sanctioned for failing to apply the proper anti-laundering strictures to the transfer of $378.4 billion – a sum equivalent to one-third of Mexico’s gross national product.”
Charges were brought against the bank, but not specific individuals. The case was settled out of court with Wachovia agreeing to pay a fine of “$110m in forfeiture, for allowing transactions later proved to be connected to drug smuggling, and incurred a $50m fine for failing to monitor cash used to ship 22 tons of cocaine.”
Wachovia isn’t the only participator. Global Research reports that HSBC, Western Union, Bank of America, JP Morgan Chase&Co, Citigroup and many others have been accused of failing to comply with anti-money laundering laws.
The government listing bitcoin as a potential terror threat is an attack on digital currency freedom. Yet the same government allows government regulated entities to get away with murder.
The public responds
Posts from Reddit.com reveal what some of the public thinks about the government listing bitcoin as a potential financial terrorist threat.
Reddit user “mikeydotcomdotau” wrote:
“Allowing for alternative currencies is not terrorism. It is a path to monetary reform, merely an application of principle of free enterprise to a sector that should have never fallen so completely to government control.”
Some Redditors believe the government could blame Bitcoin for facilitating terrorist attacks.
A post by “adamsol” entitled “Bitcoin terrorism – how to prepare for the historical defamation tactic” describes how the media could potentially demonize the digital currency by associating it with terrorist events, therefore seriously hindering its growth.
With Bitcoin undermining the status quo of centralized monetary institutions, rest assured this won’t be the last time the Government attempts to equate crypto-currency with terrorism. Stay vigilant!
The post Government Lists Bitcoin as Potential Terrorism Threat appeared first on Bitcoin Magazine.
