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Bitcoin might face stricter regulation in the seven most powerful countries of the West. The reason is the suspicion that bitcoin is widely used by ISIL, says an article in Der Spiegel.

The regulation of financial technology, including cryptocurrencies, has been a subject of a private discussion of the G7 finance ministers during the G20 summit in Antalya, Turkey.

The reason for supposed crackdown on cryptocurrencies is their supposed role in funding of the Islamic State, the organization behind the recent terrorist attacks in Paris. On 17 November the European Commission issued a memo, stating that bitcoin would be subject to special scrutiny.

The Ghost Security Group (GhostSec), an anti-terrorist hacker team that traces and prevents terrorist online activity, has recently declared it discovered an account allegedly connected with ISIL, containing the bitcoin equivalent of $3 million. However, GhostSec says the Islamic State does not use bitcoin extensively: “it only accounts for 1% to 3% of their total income and in no way was linked to the Paris attacks”.

The German Finance Ministry did not comment, on the grounds that G7 inner dealings were confidential.

 

Alexey Tereshchenko

Comments  

# CyberDexter 2015-11-19 12:53
The Eu Commission and G7 should ask themselves if they really believe that the terrorist are able to travel, buy arms and acquire explosives with bitcoins. I say no, like everyone else they have to exchange their funds into fiat for these things. Just because they can (in theory) transfer tens of thousands of dollars (almost) anonymously via the blockchain doesn't mean that they can and are paying everyone in bitcoins. The whole thing is an excuse to tighten control over a decentralized economy which is independent of our rigged banking system.
# Jon Boroughs 2015-11-19 12:55
Oh and fiat money is never used to fund terrorists ever? What is wrong with people? The only thing I see this being is a way for the bankers to sneak in and disrupt digital currency with an excuse they think most people will fall for. Terrorists use Bitcoin. Complete and utter bullshit
# Keeping it real 2015-11-19 14:54
Are you freaking kidding me? ISIS has taken over entire banks including the central bank of Iraq. Billions of missing dollars dropped by the US military and unaccounted for - whey the hell are we not concentrating on the serious funding and acts - ban the US Dollar instead if you want to stop the other 97%. This is just a diversion to point fingers away from their own stupidity.
http://www.ancreport.com/report/isis-takes-over-central-bank-in-iraq/
# Neef Liebrand 2015-11-19 15:06
That's really funny.... Yet another attempt of our bank-controlled government to eliminate any competing payment systems, afraid of losing their control over people and monopoly on money.

I always though politicians were supposed to work for *us*, the people, instead of banks and large corporations. Once again they prove this to be a mistake.