The U.S. Foundation for Defence of Democracies’ (FDD) Center on Sanctions and Illicit Finance (CSIF) recently said in its report that cryptocurrencies are ill-suited for financing terrorist groups.
CSIF director of analysis Yaya Fanusie told the US House of Representatives that the public visibility of transactions on the blockchain leaves a trail which can be traced back to the terrorists. Furthermore, some of the fundraising attempts such as the one conducted by “Jahezona” in 2016 raised only a little more than $500 in Bitcoin.
Fanusie also said that managing large cryptocurrency transactions require specific skills, particularly in cybersecurity, which the terrorists may lack.
Source: Coin Telegraph