Peter Dutton, Australia’s Minister of Home Affairs, has issued a statement warning against cryptocurrency exploitation by terrorists. Dutton stated that cryptocurrencies are being used as a means to fund acts of terrorism. The anonymous nature of digital currencies allows terrorist organizations to avoid detailed probe and investigation.
The statement was issued in a counter-terror press conference held in Melbourne on 7 November.
Digital Age: Boon or Bane?
Adding further comments he stated that the rise in use of crypto and digital currencies, debit and credit cards, online transaction systems and crowdfunding ventures have brought in new ways for terrorist funding.
Dutton is also responsible for border control, internal security, immigration, and law enforcement. He has also said that nations around the world should step themselves up from financial standards of the modern world and rather lead a more nation friendly approach. Dutton also expressed his disapproval towards non-profit organizations and charitable trusts stating that these channels have become the terrorist’s favorite hub of money laundering and manipulation.
Scepticism towards Digital Currencies
These set of statements have come in the light of recent news according to which over 70,000 people in Australia signed against the drafted cash regulations. Robert Barwick, director of the Citizens Electoral Council of Australia, also initiated a petition against the ‘Currency (Restrictions on the Use of Cash) Bill, 2019. The petition states that the bill would only work towards keeping the common public tangled up in a web of bail-in and negative interest rates.
The bill banned any cash transaction exceeding over 10,000 AUD equivalent to about $6900. The ban was also imposed on digital and cryptocurrency transactions. On the other hand, the argument in favor of the bill states that the bill would help in minimizing the use of money in illicit transactions for instance money laundering and tax evasion.