The Palestinian Islamic group, Hamas pleads for Bitcoin donation amid crippling activities due to economic sanctions from Israel and the united states. The choice of Bitcoin for donation is because of the sovereignty of financial activities it offers without external influence, though its perceived use as a tool for criminal activities is still prevalent.
Request For Bitcoin Bailout
A spokesperson of the Palestinian Islamic group noted in a recent release that their resistance should be supported financially through the Bitcoin currency. The release also contains accusation of Israel trying to cut off its access to funds around the world. A tweet post of Ahmad Matar, a Hamas rep also stated that;
“#Hamas invites the ppl around the world to support Gaza by sending BitCoin in order to break the israeli siege since 13 yrs.”
The imminent plead for financial support was propelled by the decision of the Palestinian national authority, the interim body that governs the west bank and the Gaza strip to cut off it’s funding to the strip.
Also, the main financer of the Islamic group, Iran, has also been caught in the web of economic sanctions from the united states in recent time. This has affected the economy of the country negatively. In recent time Iran has been making efforts towards escaping the snare of economic sanctions from the united states and has tilted towards the use of cryptocurrency more and has also started mining of cryptocurrency.
Furthermore, the country has taken a giant stride towards the launch of its national cryptocurrency to circumvent the sanctions from the united states of America. This could be actualised soon, as an earlier report revealed.
Countries and individuals have been tilting towards the use of cryptocurrency because it offers financial sovereignty from the effects of sanctions and the external influence of any authority.
Bitcoin’s Prominence For Illicit Use
Meanwhile, Bitcoin has been tagged as a tool of use by darknet users, as well as various criminal activities. A 2017 Report from the University of Technology, Sydney Business School, noted that Bitcoin had become the PayPal of the dark web. This notion has made many institutional investors uninterested in cryptocurrency.
However, a report DEA in 2018 noted that Bitcoin had seen wide growth in use for legal activities. It was also revealed that Bitcoin offers no secrecy of transactions as the origin of transactions could be traced. Even the agency stated that the secret oriented crypto, Monero is also traceable.
Also, a report of the Quebecois government noted that Bitcoin is not above the law, nor is it a magnet for illicit transactions. It forms only a tiny part of the criminal money circulating the planet.