How crypto meltdown is bad news for global terrorism
FirstpostAt a time when terrorists had found an easy and untraceable funding network based on cryptocurrencies, the global crypto meltdown comes as bad news for terror organisations New Delhi: At a time when terrorists had found an easy and untraceable funding network based on cryptocurrencies, the global crypto meltdown comes as bad news for terror organisations. Terror funding via cryptocurrencies A report by the Israeli Anti-Money Laundering website, in August 2020-August 2021 suggested that terror organisations received Ethereum, ERC20 tokens, and even XRP donations. According to the findings by Rand.org, cryptocurrencies are “not well matched with the totality of features that would be needed and desirable to terrorist groups but might be employed for selected financial activities.” Even though, the terror organisations were slow with these digital currencies, in the recent years, they have been experimenting with it because of its ‘widespread adoption, better anonymity, improved security, and that is subject to lax or inconsistent regulation’. Finance Minister Nirmala Sitharaman said, “Cryptocurrencies are by definition borderless and require international collaboration to prevent regulatory arbitrage.” How the world is fighting crypto terror funding?