Is the European Union missing the point wrt terrorism and cryptocurrency?

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Coindesk today wrote about an EU crackdown on bitcoin after the Paris attacks. Cash is the default value transfer mechanism of choice for terrorists. If anything, cryptocurrencies like Bitcoin provide at least some capability for law enforcement and intelligence agencies to track down terrorists. Services like those offered by Elliptic provide transaction mapping capability which is not possible with hard currency. While the identity of the payor/receiver is often anonymous, patterns of payments can provide clues as to the nature of the activity.

If the EU wants to make life harder for terrorists, perhaps they should promote usage of cryptocurrency.

Amusingly, in the same Coindesk daily update was an article: UK Treasury: Digital Currencies Pose Lowest Money Laundering Risk. I actually read that after I wrote my little diatribe above so am feeling rather vindicated…

Ken

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About the author

I'm a risk and data management executive and entrepreneur. After 5 years of engineering sales and completing an MBA in finance, I found myself in a cool risk management technology company in Toronto called Algorithmics (now IBM Risk Analytics). In five years the company grew revenues by a factor of 50, I had relocated to London and gained a strong appreciation for data. The best analytics in the world cannot navigate around incorrect or unavailable data.

I launched a company called Avox in 2002 to focus on improving the quality of client and counterparty data used by financial institutions for regulatory compliance and risk management. The DTCC (Depository Trust and Clearing Corporation) acquired the company in 2010. I spent the next few years working with them to help drive what is now the GLEIS (Global Legal Entity Identifier System), a federation of organizations converging on a single global standard for company identification.

Most recently, I've established Warp Global Inc. (one must be warped after all to engage in yet another startup) as a services and technology company with a broad view of helping to drive "data ecosystem innovation". Specifically, WGI is focusing on tokenized digital identity management and working with a multitude of stakeholders with a view to helping firms converge on global standards for identity.

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