CTTSO to Scrutinize Bitcoin for Possible Terrorist Link

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CTTSO to Scrutinize Bitcoin for Possible Terrorist Link

The bitcoin is being studied by a section of the department of defense as a possible link to terrorism.

The Combating Terrorism Technical Support Office is leading a program by means of which the military intends to gain insight into how technology today can present a threat to national security, including digital currencies such as bitcoin.

An official document with details of the program as appearing on Fox News indicated that CTTSO was concerned that the use of the virtual currency was likely to have an impact on the way finance advanced terrorism. The department said such currency was associated with opaqueness, speed of transactions and general efficiencies of terror offensives.

One of the most serious concerns for bitcoin is the anonymity that its trading enjoys. While the transactions are public, the identities of the individuals or groups behind the operations remain unknown.

The International Business Times, the magazine where the reports initially appeared, suggested that bitcoins can facilitate illicit transactions at the speed of the internet while keeping the secrecy of cash trade.

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Some highly publicized incidences have highlighted weaknesses of bitcoin. One such case is the Silk Road, the digital black market that the FBI shutdown in October. Silk Road only took bitcoin payments and its founder was later taken to court over drug trafficking and money laundering charges.

An investigation by the Treasury Department found no link between bitcoin and the financing of terrorism. However, the fact that those involved in bitcoin transactions can conceal their identities keeps many law enforcement agencies concerned.

CTTSO raises the red flag over the likelihood of anonymous networks to succeed in aiding the trafficking of drugs, nuclear technology, humans and weapons without being detected.

Technologies such as the Android mobile OS, Motorola, social networking sites and digital reality are also being studied regarding terrorism, as Techspot reports.

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To contact the reporter of this story; Deepak Tiwari at deepak@forexminute.com