US Treasury Deputy Secretary Says Crypto Not A Main Source Of Funding For Terrorists
Portfolio Pulse from Murtuza Merchant
U.S. Deputy Treasury Secretary Wally Adeyemo has stated that cryptocurrencies are not the main source of funding for terrorist organizations, with traditional banking systems still being the primary channel. He noted that terrorist organizations have adopted online payment systems such as Venmo and PayPal Holdings Inc (NASDAQ:PYPL). Adeyemo emphasized the potential risks associated with the growing popularity of cryptocurrencies and the need for the industry to work with the government to prevent misuse.
October 31, 2023 | 4:41 pm
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PayPal Holdings Inc (NASDAQ:PYPL) was mentioned as one of the online payment systems adopted by terrorist organizations. The Deputy Treasury Secretary emphasized the need for collaboration with such platforms to prevent misuse.
The mention of PayPal in the context of being used by terrorist organizations could potentially raise concerns about the security of the platform. However, the Deputy Treasury Secretary's emphasis on the need for collaboration suggests that the government is actively working with these platforms to prevent misuse, which could mitigate any potential negative impact.
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