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By Adlai Mudiwa

While some of the big entrepreneurs have come forward to support the usage of Bitcoins, terrorists have also spiked their interest in the virtual currency, but this time, their interest could further jeopardize the development of bitcoin. As per Sky News, the Islamic State of Iraq and Syria (ISIS) is keen to employ bitcoin as a mode to finance their terrorist activities.

Masking Abilities

Further, Sky News referred to a blog post with title ‘Bitcoin and the Charity of Violent Physical Struggle’, suggesting that the article threw light on how the virtual currency could be used by terrorist for funding their activities just because of the masking abilities that bitcoin offers to them. The article now adds more fuel to the doubts, often raised by the law enforcement and government agencies about the possible misuse of the currency by a set of people or group. In fact, most of the current laws pertaining to the Bitcoin finds its source from these concerns. Cryptocurrency has an interesting history so far, just look at this review of bitcoin evolution for example, and this is another development that looks like it could change the reputation of the currency permanently.

The blog referred by Sky News also establishes the fact that bitcoin is making the task of anti-terrorist authorities tougher as transactions through services like that of DarkWallet are highly untraceable. Moreover, the use of bitcoin is also becoming a huge gateway for tax evasion. The concerns raised in the blog has weight, which could find its relevance from the way Silk Road, an illegal marketplace, worked back in November 2013, when it was last raided. It should be a point worthy to note that the Silk Road was raided by the FBI in November, as it was supposedly involved in illegal activities like exchange of drugs, weapons and other activities including terrorism.

Time To Control

When most of the globally recognized currencies go through a deep surveillance system for possible manipulative money movements, Bitcoin and other digital currencies might open a door for terrorists to transact through them without being getting traced. Altogether, the article has yet again contributed to another reason as to why Bitcoin should not remain without control.

Bitcoin for Passports

A number of countries offer investment-based citizenship, which offers nonresidents the chance to acquire citizenship in return for injecting money into the local economy. Now, under a new economic program sponsored by the local government, people can use Bitcoin to apply and pay for citizenship in St.Kitts Nevis according Bitcoin Jesus Roger Ver.

The Ex con announced that St.Kitts Nevis passport is the latest commodity to be added to the growing list available with bitcoins.

Plunk down $400,000 for real estate and you get a passport that allows visa-free travel to 120 countries. There are no taxes on personal income or capital gains and the islands’ restrictive disclosure laws offer shelter from outside scrutiny, according to the Tax Justice Network, a think tank that studies secrecy jurisdictions.

Ver’s website, in English, Russian and Chinese, offers a way to purchase a piece of that paradise with bitcoins. He says it will help people who are hemmed in by government restrictions on cash transactions.

The Bitcoin appeal to terrorist organizations like ISIS will no doubt wet their appetite for visa free travel to 140 countries with the St.Kitts Nevis passport which Ver states is available for purchase with bitcoins. It is no surprising therefore that the US Treasury department through its FINCEN issued an advisory highlighting the possible use and abuse of SKN passports by “ILLICIT ACTORS” which is another term for Terrorists. Ver boasted of his SKN Passport but it is unclear whether he purchased using Bitcoins . It is also unclear how many SKN Passports have been sold using Bitcoins. Former National Security Minister of St.Kitts Nevis questioned whether the sale of SKN Economic Citizenship is even legal using bitcoin currency.

The St.Kitts Nevis government has largely remain mum on the Bitcoin for Passport as well as the suggested link to illicit actors or terrorists except to state that the government of the US was mistaken in the allegations suggested in the FINCEN advisory.

The Leader of the Twin Island Nations Opposition Alliance Team UNITY Hon. Dr. Timothy Harris has called for an Independent Audit of the programme and has called for a revamping as well as a revised more enhanced rules and regulations which will exceed international standards.