Cryptocurrency Statement from US Deputy Treasury Secretary Adeyamo: “They Are Not Majorly Used By Terror Groups”

US Deputy Treasury Secretary Wally Adeyamo stated in his statement that cryptocurrencies do not constitute the majority of the methods of financing terrorist groups.

Adeyamo also said in his statement that when they see that cryptocurrencies are used by terrorist groups to raise money, they will go after them.

In a recent article published by the Wall Street Journal, it was claimed that cryptocurrencies were used as a source of finance by some groups in the Middle East. In the article in question, a report from the cryptocurrency analysis company Elliptic was cited as a source. However, in the statement made by Elliptic, it was said that there was no evidence that these groups used cryptocurrencies as financial resources and the WSJ article was denied.

Although it is obvious that Bitcoin and other cryptocurrencies are used by some malicious people, especially in the early period of these assets, blockchain technology is said by some analysts to be more reliable than cash currencies that do not have these features, as transactions are visible to everyone and funds are fully traceable.

In their call yesterday, some US senators claimed that the services of some cryptocurrency companies were used by terrorist groups and called for an investigation by the Senate.

*This is not investment advice.