Date: 3 months ago   Category: Economy

Cryptocurrencies don't suit for terrorism financing


Cryptocurrencies don't suit for terrorism financing
Ai Fanusi, the director of analytical center Fonda of protection of democracy against sanctions and illegal financial flows, has reported recently that the terrorist organizations made a number of unsuccessful attempts of fund raising by means of cryptocurrency.

of Ai Fanusi, the director of analytical center Fonda of protection of democracy against sanctions and illegal financial flows, has reported recently that the terrorist organizations made a number of unsuccessful attempts of fund raising by means of cryptocurrency.

According to information of Forbes, Fanusi has said that Al-Qaeda, the Islamic State, and other terrorist organizations tried "to increase repeatedly the assets by means of cryptocurrency", however "firm reliable hard cash still is at the head of money".

the Specialist in protection considers that cryptocurrencies are an improper form of money for jihadists as they often should buy everything for cash as they are based in areas with unreliable technological infrastructure. Has given group under the name Mujahideen Shura Council which during the online company has collected only two contributions by cryptocurrency in an equivalent of $500 as an example of Fanusi.

the Expert in safety issues has emphasized that the government agencies of the USA which work on terrorism financing investigations should analyze better cryptocurrency transactions for the purpose of suppression of possible terrorist campaigns for fund raising. He has added that the authorities can have difficulties in the analysis of the movement of such cryptocurrencies as monero (XMR).

according to CryptoGlobe, many regulators begin repressions against anonymous cryptocurrencies. The Prague Changelly cryptoexchanger has said that it in case of need can hold XMR of the user and deny to him access, and financial regulators of Japan have forced the exchanges to refuse listing of XMR and DASH at this time.

of Fanusi has told that cash "still are the best way of anonymous financing" as they have no public blockchain in which all transactions register.

according to him, jihadist media have also started campaigns for fund raising in bitcoin. And, though the terrorist organizations don't cope with attraction of financial resources by means of digital assets yet, the bitcoin became one of the main payment methods on racist websites like Stormfront.

Is remarkable that many payment service providers of bitcoin don't serve similar groups. After introduction of such restrictions the Daily Stormer website, according to messages, has begun to accept BTC by e-mail.

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