The State Investigation Agency (SIA) of Jammu and Kashmir Police on Wednesday raided several places in connection with the bitcoin trade. During this, the investigating agency recovered digital equipment, SIM cards, mobile phones, and many important documents which point to the use of bitcoin in terror funding.
It has come to the fore in the investigation that money has been sent in the form of bitcoin to carry out terrorist activities. This incident has once again fueled the debate as to whether the strings of cryptocurrencies are linked to terror funding. How dangerous is this for the world? How safe is the money invested in the crypto market?
Terror funding is the alarm bell for the crypto market
The Indian government has not legalized any kind of cryptocurrency. Even after this people are investing in it in a big way. The total investment in different cryptocurrencies in India has increased by 15 times to US$ 438.18 million in the year 2021. With the news of the use of cryptocurrencies in terror funding, it has become clear after one time that whatever money is being invested in cryptocurrencies is not safe at all.
Most countries do not have laws to regulate crypto
There is no law to regulate crypto in most countries of the world. In line with the guidelines of the Financial Action Task Force (FATF) 2020, only a few countries have taken steps to regulate crypto so that digital currency or NFTs (Non-Fungible Tokens) cannot be used for money laundering or terror funding. Can you
Asian countries are negligent on the terror connection of crypto
Some Asian countries have a history of terrorism and the growing trend of crypto has increased this threat manifold, but they have not yet been alert against it. Indonesia is the first name on the list of countries that have not yet enacted laws to regulate crypto according to the FATF guidelines. The Philippines is also on the verge of being included in the FATF gray list due to its inability to enforce strict laws against money laundering.
Bank Indonesia had expressed concerns about the use of crypto in terror funding
Bank Indonesia's Payment System Blueprint 2025 also stamps out fears that cryptocurrencies can be used for money laundering and terrorist activities. This blueprint states that there is a dire need for the law to make transactions through crypto secure. Indonesia currently lacks such cyber laws.
Terrorist activities were carried out using crypto in the Philippines too.
At the same time, the Anti-Money Laundering Council of the Philippines, in its report titled Terrorism and Terrorism Financing Risk Assessment 2021, said that between the years 2019 and 2020, about 1.77 million Philippine pesos in the country were suspicious transactions of crypto. done through. Despite that the country surprisingly allows crypto to be used as legal tender, with investments made in crypto also being withdrawn as cash from Union Bank of the Philippines ATMs there.
Strong law is needed for cryptocurrencies in India too
There is a lack of concrete laws to regulate crypto in India. Now the security agencies of the country are also getting evidence of the use of cryptocurrencies in Terror Funding. Amidst the increasing prevalence of crypto in the world, it needs to be discussed why is the use of crypto among terrorist organizations increasing.
Terrorist organizations are always looking for new ways to bluff security agencies. The use of cryptocurrencies is also increasing among terrorist groups because the transactions done through them are not easy to trace. By using crypto, they can carry out their nefarious designs by keeping them behind the scenes. Terrorist organizations use crypto to recruit new terrorists and pay for weapons.
Islamic State started the practice of using cryptocurrency
The first case of the use of crypto for terror funding among terrorists was reported in May 2020. Then the Philippine Institute for Peace, Violence and Terrorism Research (PIPTVR) exposed the case of dealing in cryptocurrencies on behalf of the world's most dreaded terrorist organization Islamic State. All this was happening under the nose of the Philippine government. This money was used by the Islamic State to carry out its activities in the Mindanao region of the southern Philippines.
Concern over terrorists' bitcoin connections
If terrorist organizations start controlling the crypto market on their own, then this bubble of crypto can burst at any time, which can shock a large section of crypto investors. Anyway, since the beginning of 2022, the condition of the worldwide cryptocurrency market is bad. Currently, the world's largest cryptocurrency bitcoin is trading at the level of US $ 22,824 (Rs 1,821,550.94). During the last year, a decrease of more than 42 percent has been registered.
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