Cryptocurrency being misused for terror funding: US Treasury Secretary Janet Yellen

Washington: – Janet Yellen, US Secretary of the Treasury, warned that Cryptocurrency is increasingly used for terror funding and this is a major problem. Only last week, the United Nations published a vital report regarding terrorist activities. The report said that terrorist organisations like IS and Al Qaeda are using Cryptocurrency. It was recently exposed that North Korea used Cryptocurrency to fund the nuclear weapons program.

Over the last few days, rates of Bitcoin- the leading Cryptocurrency of the world, have achieved increasing record levels. Leading US entrepreneurs and financial institutions have announced the intention to invest and transact in Cryptocurrency. There is a rise seen in the rate for the cryptocurrencies including Bitcoins, following this. Moreover, the investments in cryptocurrencies also have increased to a great extent. Against this background, US Secretary of the Treasury pointing to the threats arising out of cryptocurrencies, three times in one and a half months, becomes significant.

Last month, during the hearing before the congressional committee, Yellen, the former chief of the federal reserve, warned that the use of cryptocurrencies by the terrorist groups is a cause for serious concern. Even after this, she made statements regarding the threats from cryptocurrencies, in a written statement. On Wednesday, Secretary of the Treasury, Yellen, mentioned the Cryptocurrency while speaking regarding the new technologies and research in the finance sector.

US Secretary of the Treasury warned that Cryptocurrency appears a promising new technology. But what is it being used for, cannot be ignored. People trading narcotics online are using the Cryptocurrency. Furthermore, it has become a tool to fund terrorism. While the transactions and scope of Cryptocurrency are increasing, the former US leadership had taken a stand against it and former President Donald Trump and the then Secretary of the Treasury, Steven Mnuchin, warned against the use of Cryptocurrency.

Former President Donald Trump strongly criticised that he is not fond of any Cryptocurrency; it encourages narcotics trade and other illegal activities. Former Secretary of the Treasury, Steven Mnuchin, warned that Bitcoin and other cryptocurrencies are being used in carrying out transactions worth millions of dollars in illegal activities like cybercrimes, tax evasion, ransom demands, narcotics trade and human trafficking. Cryptocurrencies have become a national security issue for the United States.