FBI: Cryptocurrencies Are a “Significant Problem That Will Get Bigger and Bigger”

November 7, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

During a recent meeting of the US Senate Committee on Homeland Security and Governmental Public Affairs, congressmen had the opportunity to ask the FBI, Department of Homeland Security, and the National Counter-Terrorism Center about “Threats To The Homeland”.

Senator Mitt Romney wondered if the US should take action on cryptocurrencies or not to worry about them. FBI immediately responded to the question.

“Cryptocurrencies are a significant problem that will get bigger and bigger,” FBI said.

FBI chose not to give specific recommendations regarding the regulation of cryptocurrencies but noted that they could be used by terrorists and be an integral part of the more global problem of the use of advanced technologies by US enemies.

The FBI Director Christopher A. Wray stated, “well certainly for us cryptocurrency is already a significant issue and we can project out pretty easily that it’s going to become a bigger and bigger one. Whether or not that is the subject of some kind of regulation as the response is harder for me to speak too.”

At the same time, Wray warned lawmakers that if measures were not taken in a timely manner, the FBI might not be able to perform its functions in the future due to technological progress.

“We’re looking at [cryptocurrencies] from an investigative perspective including tools that we have to try to follow the money,” he said.

Earlier, Director of Research for the Foundation for the Defense of Democracies said that cryptocurrencies are an unclaimed means of financing terrorist activity, and traditional money remains the unchanged leader in this regard.

Author: Marko Vidrih