Blockchain technology in sight: How cryptocurrencies help sanction-plentied states to finance illegal weapon programs

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Kryptowährungen und die Finanzierung illegaler Waffenprogramme In den letzten Jahren hat die Verwendung von Kryptowährungen in verschiedenen Bereichen zugenommen. Dabei wurde zunehmend die Besorgnis geäußert, dass diese digitalen Währungen von sanktionierten Staaten genutzt werden könnten, um illegale Waffenprogramme zu finanzieren. Laut Berichten der Financial Action Task Force (FATF) wird die Blockchain-Technologie von diesen Staaten ausgenutzt, …
Cryptocurrencies and the financing of illegal weapon programs in recent years have increased the use of cryptocurrencies in various areas. The concern was increasingly expressed that these digital currencies could be used by sanctioned states to finance illegal weapon programs. According to reports from the Financial Action Task Force (FATF), the blockchain technology is exploited by these countries ... (Symbolbild/KNAT)

cryptocurrencies and the financing of illegal weapons programs

In recent years, the use of cryptocurrencies in various areas has increased. The concern was increasingly expressed that these digital currencies could be used by sanctioned states to finance illegal weapon programs. According to reports from the Financial Action Task Force (FATF), the blockchain technology is exploited by these states to disguise their activities and to shift money.

The basic principles of cryptocurrencies, such as anonymity and decentralization, potentially offer scope for illegal financing. Sanctioned states that have difficulty gaining access to traditional banking systems could fall back on cryptocurrencies to transfer funds and finance their military ambitions.

The FATF, an international organization to combat money laundering and terrorist financing, has recognized the challenges that represent cryptocurrencies. The organization has recommended that countries and supervisory authorities take increased measures to better monitor and restrict the use of blockchain technologies by illegitimate actors.

Overall, it can be seen that the rapid increase in cryptocurrencies not only offers new opportunities for innovations, but also brings complex challenges in relation to security and regulation. It is essential that governments and international organizations work together to develop effective strategies that prevent the unauthorized use of cryptocurrencies for the financing of weapons programs.