WASHINGTON, D.C. – FBI says that cryptocurrency is posing a significant issue in law enforcement and warns the US from dealing with it.
According to reports, the FBI has been keeping track of cryptocurrencies. During a hearing with the US Senate Committee on Homeland Security and Governmental Affairs, the Director of the Federal Bureau of Investigation (FBI), Christopher Wray, expressed concerns about possible threats in the security that the US is facing at the moment.
During the hearing, Senators posed questions to the leaders of the National Counterterrorism Center, Department of Homeland Security, and the FBI. The questions the senators asked were related to foreign influence during the elections, border security, counterterrorism efforts, cybersecurity measures, and cryptocurrencies.
Republican Senator from Utah and former Presidential Candidate, Mitt Romney, also asked the intelligence officers if the US should deflect from putting any effort when it comes to cryptocurrencies. He also asked further questions about the challenges that cryptocurrencies present to the anti-terrorist activities of law enforcement.
Senator Romney said he is not affiliated with the Banking Committee and doesn’t have a lot of understanding about cryptocurrency and how it works. However, he added that he thinks it has become more difficult for the FBI to carry out their tasks and activities if they have no way to follow the money since cryptocurrencies are hidden from them. He also expressed concern about whether there must be a significant effort that the US has to take in dealing with cryptocurrency.
FBI Director Wray responded to the senator’s question by saying that there is already a threat to the agency that cryptocurrency is posing. According to him, the agency already considers cryptocurrency as a significant issue, and they believe it’s going to be an even bigger one in the future.
The FBI Director further added that the agency is being vigilant with this issue and are trying to use tools to follow the money. Wray also said that the US might be walled off soon unless it stays up to date with the latest technologies.
The Australian Minister of Home Affairs, Peter Dutton, also said his piece in Melbourne during the counter-terror conference. According to him, cryptocurrencies are exploited by terrorists to fund their toxic missions. He said that the anonymity that cryptocurrencies are offering allows extremists to deflect investigations. Dutton believes that using online payment systems, digital currencies, and even crowd-funding platforms continuously might become a source that funds terrorism.