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FATF to Set International Standards to Stop Use of Bitcoin for Terrorism Funding

In a bid to deal with the use of Bitcoin to fund terrorist regimes around the world, the United States’ Financial Action Task Force is set to come up with standards that will help to stop the use of the digital asset to fund such activities.

The new standards to be set by the FATF are specifically aimed at combating terrorism around the world especially in Syria. These standards are to be used by countries around the world to ensure cryptocurrencies are not used to finance terrorist activities.

The image of the industry has gotten more tainted with the recent incessant hacks, some of which may affect the cryptocurrency markets in some countries for a long time. This and other problems have made the European Union, and some countries to consider regulation of the industry, one of which is the United Kingdom.

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