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US Government lists Bitcoin among technologies for terrorism research
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MacNN Staff
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May 5, 2014, 07:50 PM
 
A division of the Department of Defense is investigating cryptocurrency, including Bitcoin, for possible links to crime and terrorism activities, according to an article from the International Business Times. The Combating Terrorism Technical Support Office, a department responsible for developing and investigating counterterrorism abilities, created solicitation number N41756-14-Q-3272 in order attract vendors to aid military branches in understanding the developing technology.

The anonymity factor with Bitcoin and other virtual currencies has lead to the office's research in this situation, based on the possibility that such alternative currencies may pose a threat to national security. With no governing body or regulation, and only public character string addresses for identification, tracking or blocking cryptocurrencies would be difficult if a threat is detected.

There is no entry barrier to cross for virtual currencies, or nationally adopted trading houses -- so the online currency offers flexibility without a paper trail, much like cash. Government agencies have caught Bitcoin in the middle of criminal dealings before, such as Silk Road, leading to the precedent that virtual currencies can be used for nefarious means.

Bitcoin Magazine discovered an unclassified memo detailing the support request in a Broad Agency Announcement (BAA) from the Department of the Navy. Information in the memo asks for support to help "develop and/or enhance new concepts and constructions for understanding the role of virtual currencies." The memo asks for specific strategies and warning signs that could be used to help detect wrongful actions based on their trends and history.

One statement from the memo calls attention to the idea that "radical connectivity is blurring national lines, and facilitating the transfer of virtual currency between otherwise disparate non-state actors." It goes on to say that "the introduction of virtual currency will likely shape threat finance by increasing the opaqueness, transactional velocity, and overall efficiencies of terrorist attacks."
( Last edited by NewsPoster; May 7, 2014 at 05:55 AM. )
     
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May 6, 2014, 09:00 AM
 
Yes any kind of currency can be used for illegal activities. The real reason the Feds have a problem with crypto currency is that THEY are not in charge of it and have no way to regulate it. If they can't get their grubby mitts on it it must be made illegal. In reality since it is not controlled by ANY government agency no governments like it, ergo it must be a good thing for 'the people.'
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Michael
     
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May 6, 2014, 10:03 AM
 
My understanding is that the criminal association with BitCoin stems from the fact that it is "hackable"; as in, easier to electronically steal. But yes, I do agree that ANY type of currency can be used for illegal activity. Singling out BitCoin is a "bit" absurd.
     
   
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