There is a concerted effort by government and banks to destroy the bitcoin and cyber currency movement.

The “growing cryptocurrency ecosystem” is often described as “disruptive.” It is widely feared as a threat by banking authorities in the United States, Europe and Australia.

The New York Department of Financial Services, for instance, released a series of proposed regulations last week that may result in the shutdown of bitcoin in that state.

Earlier this month the Dutch criminal justice system was granted the authority to confiscate digital currency holdings while lawyers in Poland recently demanded more consumer protection surrounding bitcoin.

Linking bitcoin to terror and narcotics

The most effective way to destroy the bitcoin movement and protect the fiat currency system is to connect cryptocurrency to terrorism. This is precisely what happened earlier this month when the Islamic State, formerly ISIS, called for using bitcoin to fund its jihad.

In an article titled “Bitcoin and the Charity of Violent Physical Struggle,” Taqi’ul-Deen al-Munthir argues that in order for ISIS to fund its terror operations it must go outside the western financial system. “One cannot send a bank transfer to a mujahid [jihad fighter] or suspected mujahid without the kafir [infidel] governments ruling today immediately being aware,” he writes.

Interestingly, al-Munthir cites Silk Road, an online market place operated by Ross Ulbricht, aka Dread Pirate Roberts.

“The Silk Road was the popular online market running mostly on Bitcoin,” he explains. “It was an online black market that could have potentially be used for anything from purchasing weapons to donating to mujahideen, though most kufar used it to intoxicate themselves. It utilized user’s Bitcoin wallets, mixers to confuse those trying to spy on transactions, reputation systems, private messages, seller pages, and arbitrators, which could be readapted to be qadis.”

The federal government in the United States is preparing to exploit a case against Silk Road founder Ulbricht “as a trojan horse to eviscerate Internet freedoms and make website owners criminally responsible for their users’ actions, setting the precedent for chilling new laws that would drastically change the face of the world wide web,” Paul Joseph Watson wrote on July 8. Ulbricht faces charges of narcotics trafficking, computer hacking, money laundering, and engaging in a criminal enterprise for his role in setting up Silk Road.

Because the Silk Road system falls outside the narrow parameters established by the financial and corporate elite – it is part of the deep web and not indexed by search engines and thus elusive of control – it must be destroyed. In addition to stigmatizing the market as a haven for drug dealers and other unsavory types, it is now portrayed as a tool for the worst sort of fanatical terrorists, namely ISIS, currently calling itself the Islamic State.

This has provided all the emphasis required for the federal government to get involved.

“Despite the potential seen in the digital currency by ISIS members (which is surely something most in the bitcoin community would like no involvement in), the U.S. Government, is said to be conducting counter-terrorism investigations with regard to bitcoin and virtual currencies,” NewsBTC, a bitcoin news service, reported earlier this month.

“The introduction of virtual currency will likely shape threat finance by increasing the opaqueness, transactional velocity, and overall efficiencies of terrorist attacks,” the Combating Terrorism Technical Support Office, a division of the Pentagon, stated in May.

As we have reported on numerous occasions, ISIS is a documented CIA and Saudi terror organization designed to foment crisis in the Middle East.

On July 12 Infowars.com reported that Nabil Na’eem, the founder of the Islamic Democratic Jihad Party and former top al-Qaeda commander, told the Beirut-based pan-Arab TV station al-Maydeen all current al-Qaeda affiliates, including ISIS, work for the CIA.

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