Remember when crypto skeptics said that cryptos would replace fiat currencies as the preferred funding method for terrorists? It turns out they were wrong, at least for now. According to witnesses who testified before the U.S Congress Subcommittee on Terrorism and Illicit Finance, crypto hasn’t taken root as the go-to financing method for terrorist groups who still prefer to use fiat. Technological incapability to utilize crypto at the basic level and the improved tracing methods were cited as among the top reasons that have made these groups shun crypto.
When cryptos first started gaining mainstream traction, they were inseparable from criminal activities. Be it drug dealing, human trafficking or as ransom, cryptos quickly became a darling of the criminal world. According to some reports, crime was pushing around 90 percent of the crypto volume less than five years ago. This has changed as the government’s ability to trace a crypto transaction increases.