Digital Currency Has a Wide Reach
April 23, 2018
Beyond Search was under the impression that financing for certain types of activities related to anti-establishment activities has been handled informally. For example, in some countries, informal money transfer systems operate. The practice is sometimes spelled hawala.
The idea is not a new one. Trust among those perceived to be in a particular extended family or social, political, or religious group helps ensure that money moves from Point A to Point B. The system is not digital, but it has been durable, existing for centuries.
Crypto currency like Bitcoin have been gaining a foothold as legitimate forms of financial transaction over the last several years. However, one of the richest areas in the world, The Middle East, has long been aware of the alternatives to bank regulated money.
For some individuals, certain beliefs have prohibited some Islamic investors from using crypto currency, though that may change according to a recent Economic Times story, “Crypto Currency Traders Use Old Gold to Lure Islamic Investors.”
According to the story, “OneGram, is issuing a gold-backed crypto currency — part of efforts to convince Muslims that investing in crypto currencies complies with their faith. We learned:
“But because they are products of financial engineering and objects of speculation, crypto currencies sit uneasily with Islam. Sharia principles, in addition to banning interest payments, emphasize real economic activity based on physical assets and frown on pure monetary speculation.”
The Islamic world may not have to wait long. Recently a 22-page research paper was released that declared Bitcoin is compliant with Sharia Law and therefore acceptable in the Islamic religion. We are not ready to fully buy into this, since the story appeared on Bitcoin’s own Web site. However, if this is true, it could mean another massive surge in investors as the crypto currency gains more and more momentum.
As Reuters reported, Iran is taking action with regard to digital currency. “Iran Central Bank Bans Crypto Currency Dealings” states:
Iran’s central bank has banned the country’s banks from dealing in cryptocurrencies, including Bitcoin, over money-laundering concerns.
If barriers to crypto currency are erected, how will money move? Perhaps the old fashioned way?
For more information, learn more about CyberOSINT (the Dark Web) here or the Dark Web Notebook at www.xenky.com/darkwebnotebook. We cover some of these topics in our weekly video news program DarkCyber. The video is available on the Beyond Search Web site here and on Vimeo by searching “Arnold DarkCyber.”
Patrick Roland, April 23, 2018
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