The Department of Justice (DOJ) is once again attacking bitcoin and cryptocurrency, claiming that they are agents of numerous financial crimes throughout the United States and abroad.
DOJ: BTC Is a Threat to America’s Future
The DOJ is going so far as to claim that bitcoin and other digital currencies qualify as threats to national security, with US Attorney General William Barr referring to crypto as “the first raindrops of an oncoming storm.”
The idea behind bitcoin was that it would eventually be used to as a surrogate – and then a replacement – to cash. The currency came about in the days of the Great Recession and its creator – who goes by the pseudonym Satoshi Nakamoto – claims that it was originally intended to be used as a method of payment for goods and services.
Sadly, this hasn’t quite happened, and bitcoin is widely used primarily for speculative purposes. Many are attracted to the idea that it’s allegedly hard to trace, and this has made it a prime target amongst terrorist funding groups, cyberthieves and computer hackers who are looking to get their fingers on money they haven’t earned.
There’s no denying that crypto has edged its way into the dark underworld of crime, but many don’t see it as just a tool for criminals. That’s not stopping regulators, however, from stepping in and doing what they need to do to potentially protect consumers and traders alike.
The Cyber-Digital Task Force has recently emerged to comment:
Current terrorist use of cryptocurrency may represent the first raindrops of an oncoming storm of expanded use. Cryptocurrency also provides bad actors and rogue nation states with the means to earn profits.
Just last week, the Department of Justice issued a report discussing how it was planning to work against bitcoin and crypto-related crime in the future. The crimes listed in the document included everything from money laundering to the funding of Al Qaeda, with blackmail, extortion and ransomware attacks also thrown into the mix.
We Must Keep People Safe
Members of the department also claim that bitcoin threatens the financial system of America in the future. William Barr commented in a recent statement:
Cryptocurrency is a technology that could fundamentally transform how human beings interact and how we organize society. Ensuring that use of this technology is safe and does not imperil our public safety or our national security is vitally important to America and its allies.
Many leaders within the United States have already shown disdain or dislike towards bitcoin and its fellow cryptocurrencies, one of the biggest being current president Donald Trump. In 2019, he commented that he wasn’t a fan of BTC in that he didn’t care for assets whose values were based on thin air. He also commented that the United States already had a nationwide currency it could use, referring to the US dollar.