Cryptocurrency Used by Terror Groups for Instant Money Transfers, Says Intelligence Report
October 25, 2023, 20:41 IST
Various terror groups are utilizing cryptocurrency exchanges to facilitate easy and instant money transfers, according to top intelligence sources. The survey of the dark net has revealed that cryptocurrency is being used to fund terror activities. However, these groups find it difficult to hide in India due to its vigilant oversight mechanism.
Intelligence sources have stated, “The tasks or terror activities are usually assigned from a country where crypto oversight mechanism is not very strong. Various terror groups are using these crypto exchanges for easy transactions to transfer money instantly.”
The sources further revealed that in cases related to the Islamic State (IS or ISIS), it was observed that small amounts were transferred through crypto exchanges. The terror operatives are technologically adept, but their activities eventually bring them under scrutiny.
Additionally, it has been found that at least 90% of payments related to narcotics smuggling are being conducted through cryptocurrency. The decentralization and anonymity offered by cryptocurrencies make them a preferred mode of transaction for illegal activities.
India has raised the issue of cryptocurrency at the G20 summit and successfully convinced participating countries to prioritize its discussion. The argument presented was that while cryptocurrency has gained popularity and become an inevitable choice for many, its misuse in criminal activities and terror financing cannot be ignored.
India has been working on a crypto regulation law and has proposed monitoring through the Reserve Bank of India (RBI) and a similar regulatory mechanism. Although trading in cryptocurrency is allowed in India, it is subjected to a 30% tax and does not hold legal tender status for banking purposes.
Overall, the use of cryptocurrency by terror groups for instant money transfers highlights the need for stricter regulations and oversight to curb illicit activities facilitated by digital currencies.
For more information, you can read the exclusive News18 article on cryptocurrency crowdfunding by terrorists at the India-hosted ‘No Money for Terror’ conference [link: https://www.news18.com/news/india/cryptocurrency-crowdfunding-by-terrorists-on-agenda-at-india-hosted-no-money-for-terror-conference-6321397.html]. Additionally, India’s efforts to establish a global framework on digital currency at the G20 summit can be found in the article [link: https://www.news18.com/india/crypto-on-mind-g20-agenda-india-convinces-others-of-need-for-global-framework-on-digital-currency-8566764.html].
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