Terrorists Are Finding Path to Sharia-Compliant Crypto, UN Says
- Islamic State is migrating to digital payments, UN report says
- UN members worry crypto use will become increasingly pervasive
Use of digital platforms such as cryptocurrency exchanges, e-wallets and stablecoins are used among terrorist groups to raise and transfer funds across the world.
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Islamic State is insisting the cryptocurrencies that it’s increasingly using to fund its terrorist activities must comply with Sharia law, according to a United Nations report.
Terrorist groups also provide their associates with detailed instructions on how to transfer money through cryptocurrencies and have established specialized channels such as CryptoHalal and Umma Crypto on the Telegram messaging app, according to a body that supports United Nation’s Security Council Committees. The Analytical Support and Sanctions Monitoring Team tracks Islamic State and al-Qaeda.