Title: Cryptocurrency Used by Terror Groups for Instant Money Transfer, Top Intelligence Sources Reveal
Last Updated: October 25, 2023, 20:41 IST
Image: Various terror groups are using these crypto exchanges for easy transactions to transfer money instantly, say top intelligence sources. (Representative image)
A recent survey of the dark net has uncovered the use of cryptocurrency to fund terror activities, according to credible intelligence sources. These sources also highlighted the difficulty in concealing such activities in India, given its alert oversight mechanism.
Intelligence sources revealed that terror groups are exploiting crypto exchanges to conduct seamless transactions for instant money transfers. “The tasks or terror activities are usually assigned from a country where crypto oversight mechanism is not very strong,” the sources stated.
“In Islamic State (IS or ISIS) related cases, it was seen that small amounts were transferred through crypto exchanges,” the sources added. The operatives behind these activities showcase technical proficiency but often unknowingly attract the attention of law enforcement agencies.
Furthermore, it has been observed that at least 90% of payments related to narcotics smuggling are conducted using cryptocurrency. The decentralization and anonymity offered by digital currency make it an attractive option for these illegal transactions.
India has raised concerns regarding cryptocurrency and its potential misuse at the recent G20 summit. The country successfully convinced participating nations that addressing this issue should be on the agenda. The popularity of cryptocurrency coupled with the unrestricted nature of the internet has led to reports of criminal activities and terrorist involvement.
India is actively working on formulating a crypto regulation law and has proposed monitoring through the Reserve Bank of India (RBI) and a similar regulatory framework. While trading in cryptocurrency is allowed, the Indian government has imposed a 30% tax on crypto transactions. However, it should be noted that cryptocurrency lacks legal tender status and cannot be used for banking purposes.
The issue of cryptocurrency and its impact on security and financial systems is gaining global attention. As various intelligence agencies acknowledge its role in funding terror activities, stricter regulations and oversight mechanisms are being explored to combat these illicit activities effectively.
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