08 November 2019 17:08, UTC

On November 5th, Christopher WRAY, the director of the Federal Bureau of Investigations of the United States of America, testified in front of congress and pressed the issue of cryptocurrencies and how they can become a subject of a threat to national security.

Most of the arguments were about the traceability of cryptocurrencies. Naturally, this is not necessarily directed towards Bitcoin as it has been classified as one of the most traceable cryptos out there right now. The subject in mind that Mr. Wray had were things such as privacy tokens, which are very rarely easy to trace, especially when they are being transferred from hard wallet to hard wallet.

Senator Mitt ROMNEY also voiced his concern about the growing popularity of cryptocurrencies and their increasing level of liquidity level. According to the Senator, who confessed to not be too versed in the banking and financial sectors, tracing the movement of this digital money could be of vital importance for preventing terror attacks in the future.

The same sentiment was heard from the Australian Minister of Home Affairs, Mr. Peter Dutton, who mentioned the potential of using cryptocurrencies for funding terror attacks in various countries.

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Right now though, both Dutton and Wray have concluded that if both the US and Australia fall behind on blockchain adoption, they could essentially be walled off from the rest of the world in less than a decade.Read the best crypto news analysis here! bitnewstoday.com Bitcoin, investments, regulation and other cryptocurrencies