A newly proposed US bill on January 10 aims to fight terrorism by offering rewards for information that results in cryptocurrency-supported terrorism convictions.
The bill, presented to Congress by Ted Budd (R-NC) representative of the House Financial Services Committee, proposes an independent working group on financial technology to distribute rewards, the amount of which in dollars or cryptocurrency was not indicated.
The second section of the bill reads as follows:
“It is the sense of Congress that the federal government should give priority to investigating the terrorist and illicit use of new financial technologies, including digital currencies.”
The Financial Technology Working Group would be led by the Secretary of the Treasury, consisting of five federal directors and four private sector representatives from think tanks, non-profit organizations and the banking industry.
The bill also provides for the creation of a FinTech Leadership Innovation Fund to inspire the development of programs and methods for detecting the use of digital currency among terrorists. This fund could provide grants to universities, companies, NGOs and anyone who can contribute to research on anti-terrorism detection tools.
In May 2017, a US bill was introduced that would require users crossing the US border to declare their cryptocurrency assets if they exceed $ 10,000. The bill was designed to combat money laundering, which is often the source of funding for terrorists.
Despite the increasing attention of regulators to cryptocurrency-sponsored terrorism, a June 2017 report from the European Union revealed that terrorists still prefer fiat to digital currency, perhaps because of the potential for tracing. Blockchain Records.