Regardless of what some have been led to imagine, “cryptocurrency isn’t the foreign money of alternative for criminals,” in response to Perianne Boring, CEO of the Chamber of Digital Commerce.
Writing in an opinion piece within the Wall Avenue Journal on Monday, Boring hit again on the accusations made by the identical newspaper earlier this month that Palestinian terror group Hamas “have raised tens of millions in crypto.”
In accordance with Boring, teams like Hamas, Palestinian Islamic Jihad and Hezbollah have raised cash by means of numerous means, together with the usage of conventional banking companies, hawala networks, and state funding, whereas crypto makes up solely “a small portion of that.”
The Chamber of Digital Commerce CEO additional stated that regulation enforcement companies are educated to trace actors that use crypto for illicit functions, and famous that their job doing so have turn into simpler as a result of clear nature of blockchain networks.
“Whereas new applied sciences are sometimes exploited by unhealthy actors, they usually function extra beneficial instruments for regulation enforcement than for criminals. The blockchain makes concealing illicit funds by means of cryptocurrencies ineffective,” Boring stated, earlier than concluding:
“The report should replicate that cryptocurrency isn’t the foreign money of alternative for criminals.”