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Cryptocurrencies, first introduced in 2009, have rapidly grown in value, volume, and use. The sentiment that they are no more than a passing fad and need not be dealt with by scholars or policymakers remains but is no longer legitimate. Hostile actors such as terrorist groups and sanctioned states use cryptocurrencies to finance activities ranging from deadly attacks to rogue nuclear programs. The use of cryptocurrencies by legitimate actors brings far less dramatic externalities but still presents serious issues, such as the vulnerability of citizens to cryptocurrency-related scams, lost tax revenue, and the stress cryptocurrencies place on countries' electrical grids. This chapter provides readers with an understanding of exactly how cryptocurrencies function, how hostile actors use them, and how governments respond so that they may better understand the challenges posed by cryptocurrencies and how they might be addressed. |
