October 8, 2020
Do Bitcoin and other cryptocurrencies help fund domestic terrorism?
With banks starting to get into the cryptocurrency business, it looks as if this new finance mechanism is here to stay. However, financial institutions and the government need to pay close attention because the same person-to-person aspect that makes it attractive, also leaves it vulnerable to funding terrorism, both overseas and in our own cities. We’ve all heard claims about people investing $200 in Bitcoin back in 2012 only to see their stakes make them wealthy. We also hear about people getting scammed by crypto “investments” or losing the key to their cryptocurrency accounts and losing all access to their wealth. It’s the Wild West out there. But when huge institutional investors start piling into Bitcoin and Ethereum, it’s time to pay closer attention. Notably, in July, the Office of The Comptroller of the Currency issued a letter permitting US banks to offer cryptocurrency custodial services. What is cryptocurrency? While many...(Read Full Article)