The man who helped invent the financial embargoes that cut off terrorist funding after 9/11 is concerned that cryptocurrencies could be used to undermine his creations.
A former deputy assistant to U.S. President George W. Bush, and a former deputy national security advisor for combating terrorism, Juan Zarate is widely credited with helping create sanctions tools and financial instruments that put pressure on enemies of the state. But as blockchain technology begins to break down borders and empower the unbanked, Zarate is growing concerned it might also be weaponized to illicit ends.
Zarate told CoinDesk:
"There are nefarious actors out there, including state actors like North Korea and Iran that are looking to the use of digital currencies and related technologies, at a minimum as a way of circumventing the current global order which limits their access to capital. But these capabilities and technologies could also be a way for them to try to undermine global financial commercial systems at some point."
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