Lithuania Criticizes Bitcoin for Assisting Terrorism

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Lithuania Financial Crime Investigation Service (FNTT) Director Kestutis Jucevicius has officially announced to the public that digital currency Bitcoin should be used with caution as it is used to finance “terrorism.”

“In the future can cause a lot of problems, because the money purified system through bitcoin can benefit not only organized groups engaged in arms trafficking, trafficking in human beings and drugs, the possibility that in the future such a cash transfer schemes and cash transfers could be used by terrorists” said Jucevicius on Friday at a press conference.

Since the beginning of 2015, an increasing number of government agencies and political organizations have begun to explore the use of bitcoin and other alternative currencies in the dark net or funding of terrorist parties.

Europol for example, in collaboration with European government agencies and governments launched a full investigation to arrest individuals using bitcoin to purchase illicit items such as drugs or weapons in the dark web.

According to Jucevicius, the FNTT believes Lithuanian citizens have spent over 20 million euros, or 21.6 million USD in illicit purchases or funding of terrorist parties using bitcoin.

Because of the growing number of individuals using bitcoin in Europe, an international organization

Read more ... source: NewsBTC USA

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